Bitcoin Cash Price Soared Over 10% And Broke The $245 Resistance
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Bitcoin Cash Price Soared Over 10% And Broke The $245 Resistance

  • The Bitcoin Cash is trading above $240
  • BCH is now facing strong resistance near the $245 zone.

After forming a base above the $220 level, Bitcoin Cash price started a steady increase. It broke the $225 resistance to enter a positive zone before dropping slightly, like Bitcoin and Ethereum.

There was a break above a key bearish trend line with resistance near $225 on the 4-hour chart of the BCH/USD pair. There was a strong increase above the $232 and $245 resistance levels. The price is up over 10% and it is now testing the $250 resistance.

BCH is now showing positive signs above $245 and the 100 simple moving average (4 hours). It is also above the 23.6% Fib retracement level of the upward move from the $219 swing low to the $250 high.

BCH Price Chart | Source: Coinstats


The price is now struggling to clear the $250 resistance. To continue higher, the price must settle above $250. The next major resistance is near $265, above which the price might accelerate higher toward the $280 level. Any further gains could lead the price toward the $300 resistance zone.

Fresh Drop in BCH?

If Bitcoin Cash price fails to clear the $250 resistance, it could start a fresh decline. Initial support on the downside is near the $245 level.

The next major support is near the $232 level or the 61.8% Fib retracement level of the upward move from the $219 swing low to the $255 high, where the bulls are likely to appear. 

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If the price fails to stay above the $232 support, the price could test the $225 support. Any further losses could lead the price toward the $220 zone in the near term.

Technical Indicators

  • 4-hour MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
  • 4-hour RSI (Relative Strength Index) – The RSI is currently in the overbought zone.
  • Key Support Levels – $245 and $232.
  • Key Resistance Levels – $250 and $260.

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