• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin Cash
Nexo Logo

Bitcoin Cash Rallies 7%, More Upsides Likely If BCH Clears 100 SMA

Aayush Jindal by Aayush Jindal
2 years ago
in Bitcoin Cash, Technical analysis
Reading Time: 2 mins read
Advertisement

Bitcoin cash price rallied over 6% and it broke the $230 and $235 resistance levels against the US Dollar. BCH is likely to continue higher towards $250 if it clears the 100 SMA (H4).

  • Bitcoin cash price is gaining momentum above the $235 resistance level against the US Dollar.
  • The price is currently facing hurdles near $240 and the 100 simple moving average (4-hours).
  • There was a break above a key contracting triangle with resistance near $233 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 100 SMA and $240.

Bitcoin Cash Price Rallies 6%

After forming a support base above the $220 level, bitcoin cash price started a steady recovery. BCH broke the $220 and $230 resistance levels to move into a positive zone, similar to bitcoin above $10,500.

The price traded above the 23.6% Fib retracement level of the downward move from the $297 high to $200 swing low. There was also a break above a key contracting triangle with resistance near $233 on the 4-hours chart of the BCH/USD pair.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The pair is now facing hurdles near $240 and the 100 simple moving average (4-hours). The current price action is positive and if bitcoin cash clears the 100 SMA, there are chances of another push towards the $250 resistance.

Bitcoin Cash Price

Bitcoin cash rallies to $240: Source: TradingView.com

The 50% Fib retracement level of the downward move from the $297 high to $200 swing low is near the $250 level to act as a resistance. Any further gains could lead the price towards the $260 and $265 resistance levels in the near term. The next major hurdle is near the $290 swing high.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Dips Supported in BCH?

If bitcoin cash price starts a downside correction, the broken triangle resistance near $234 might provide support. The next major support is near the $230 level, where the bulls are likely to appear.

If the price fails to stay above the $230 support, the price could revisit the $220 support. Any further losses could lead the price towards the $200 handle in the near term.

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 it is well above the 60 level.

Key Support Levels – $230 and $220.

Key Resistance Levels – $240 and $250.

Tags: BCHBCHUSDBCHUSDT
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Ethereum

TA: Ethereum Close Below $1K Could Spark Larger Degree Downtrend

9 hours ago
Bitcoin

TA: Bitcoin Remains In Downtrend, What Could Spark Sharp Upside

11 hours ago
Cardano

Cardano (ADA) Looks To Recover After Sliding To $0.43 – Pressure’s On For The Bulls

1 day ago
Ethereum

TA: Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100

3 days ago
Bitcoin

TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

3 days ago
Ethereum

TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K

4 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

GBEX: The exchange token of a “new kind”.

July 4, 2022

Web3 Delight Lagos – Breaking barriers to pave the way for the digital future

July 4, 2022

LBank Exchange Will List DOTORI (DTR) on July 4, 2022

July 4, 2022

WorldPF (WDPF) Is Now Available for Trading on LBank Exchange

July 4, 2022

MetaBitcoin (MBTC) attracts investment from Dubai’s first royal crypto fund, Alawad Fund

July 4, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.