Bitcoin Cash Price (BCH) Primed For Fresh Increase To $255
Recently, there were strong gains in bitcoin cash price above the $226.00 and $230.00 resistance levels. BCH to USD corrected lower from $255.00, but the price remains well supported for a fresh increase.
Key Takeaways: BCH/USD
- Bitcoin cash price is trading above a couple of key supports near $226.00 and $230.00 against the US Dollar.
- BCH/USD is following a key bullish trend line with support near $232.50 on the 2-hours chart (data feed from Bitstamp).
- Bitcoin is correcting lower, but it is trading above the key $7,750 and $7,800 support levels.
Bitcoin Cash Price Analysis
This week, there was a nice upward move in bitcoin cash price above the $210.00 pivot level. BCH price followed a strong bullish path and broke the key $226.00 and $230.00 resistance levels.
Looking at the 2-hours chart, bitcoin cash even settled above the $230.00 level and the 50 simple moving average (2-hours, purple). Finally, the price spiked above the $250.00 level and a new 2020 high was formed near the $255.66 level.
Recently, there was a downside correction below the $248.00 and $240.00 support levels. Moreover, there was a break below the 50% Fib retracement level of the upward move from $220.27 to $255.66.
However, the previous resistance area near the $230.00 level acted as a decent support. Besides, the 61.8% Fib retracement level of the upward move from $220.27 to $255.66 acted as a support.
More importantly, bitcoin cash price is following a key bullish trend line with support near $232.50 on the 2-hours chart. If there is a downside break below the trend line and the $230.00 support, there is a risk of more losses below the $226.00 support.
In the mentioned bearish case, the price is likely to revisit the $210.00 pivot level. Conversely, bitcoin cash price could resume its upward move above the $240.00 and $245.00 levels.
The main hurdle for BCH is near the $255.00 level, above which the bulls are likely to aim a test of the $280.00 area in the near term.