Bitcoin Cash price rose over 15% and broke the USD 275 resistance. BCH is now facing strong resistance near the $282 zone.
- Bitcoin Cash price started a new increase above the USD 250 resistance.
- The price is trading above USD 265 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support at $258 on the 4-hour chart of the BCH/USD pair (data feed from Kraken).
- The pair could continue to rise if it crosses the $282 resistance zone.
Bitcoin Cash price rises above $270
After forming a base above the $232 level, Bitcoin Cash’s price started to rise steadily. It broke the USD 245 resistance to enter a positive zone like Bitcoin and Ethereum.
There was a strong rise above the USD 250 and USD 265 resistance levels. The price rose over 15% and tested the USD 282 resistance. A high was formed around $283 and the price is now correcting gains. There was a move below the USD 275 level.
The price tested the 23.6% Fib retracement level of the upward move from the $233 swing low to the $283 high. BCH is now showing positive signals above $260 and the 100 simple moving average (4-hours).
Source: BCH/USD on TradingView.com
There is also a major bullish trendline forming with support at $258 on the 4-hour chart of the BCH/USD pair. If another rise occurs, the price could face resistance near USD 275. To continue higher, the price needs to break above $282. The next major resistance is near USD 292, above which the price could accelerate higher towards the USD 300 level. Any further gains could lead the price towards the USD 320 resistance zone.
New drop in BCH?
If the Bitcoin Cash price fails to clear the USD 275 resistance, it could trigger another decline. The initial downside support is near the USD 265 level.
The next major support is near the $258 level or trendline. It is close to the 50% Fib retracement level of the upward move from the $233 swing low to the $283 high, where the bulls are likely to emerge. If the price fails to hold above the USD 258 support, the price could test the USD 245 support. Any further losses could push the price towards the $232 zone in the short term.
Technical indicators
4-hour MACD – The MACD for BCH/USD is losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI is currently in the overbought zone.
Key support levels – USD 265 and USD 258.
Key resistance levels – $275 and $282.
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