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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Rally Reaches $300 and Technicals Indicate Further Upsides

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Bitcoin cash price rallied over 8% and it broke the $250 and $260 resistance levels against the US Dollar. BCH is likely to continue higher above the $300 barrier.

  • Bitcoin cash price is gaining momentum above the $260 pivot level against the US Dollar.
  • The price traded close to the $300 level and it is currently consolidating gains.
  • There is a short-term contacting triangle forming with resistance near $295 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to accelerate further higher if it clears the $300 resistance zone.

Bitcoin Cash Price Gaining Bullish Momentum

In the past few days, there was a strong increase in bitcoin and bitcoin cash price above $10,000 and $250 respectively. BCH even traded above the main $260 pivot level and the 100 simple moving average (4-hours).

Finally, there was a break above the $280 resistance. The price traded close to the $300 level and it traded to a new monthly high at $297. It is currently consolidating gains near the $290 level, and testing the 23.6% Fib retracement level of the recent rally from the $265 swing low to $297 high.

It seems like there is a short-term contacting triangle forming with resistance near $295 on the 4-hours chart of the BCH/USD pair. Below the triangle support, there is a major support forming near $280.

Bitcoin Cash

Bitcoin cash testing $295: Source: TradingView.com

The 50% Fib retracement level of the recent rally from the $265 swing low to $297 high might also act as a strong support. On the upside, the price is facing hurdles near $295 and $300.

A successful break above the triangle resistance and then $300 could open the doors for a larger increase. In the mentioned case, the price might rally towards the $320 level in the near term.

Dips Supported in BCH?

If bitcoin cash price starts a downside correction, the $280 level is likely to provide support. Any further losses could lead the price towards the $275 level in the near term.

There is also a crucial bullish trend line forming with support near $270, below which the may possibly decline towards the 100 simple moving average (4-hours) or $250.

Technical indicators

Hourly MACD – The MACD for BCH/USD is currently gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently rising and in the overbought zone.

Key Support Levels – $285 and $280.

Key Resistance Levels – $295 and $300.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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