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Bitcoin Cash Price Analysis: BCH Bulls Aim Big After Price Smashes Crucial Resistance

The crypto market is recovering from the recent bearish phase. At the time of writing, BTC price broke the $10k resistance and is currently trading at $10,125.70 with a 6% growth. Bitcoin cash (BCH) is leading in terms of growth with more than a 9% rise. 

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According to Coinmarketcap data, the BCH coin holding 5th position is currently trading at $265.99 USD. In terms of BCH/BTC, there is 3.43% growth trading at 0.02626885 BTC.

The BCH coin is currently holding a market cap value of $4,900,561,473 USD with $4,184,587,009 USD  24hr- volume and 18,423,831 BCH circulating supply. Bitcoin Cash is ready to set a new weekly high price level as it is heading to run above the $262 mark. The price is just above $262, and further upside rally seems probable this time. 

Bitcoin Cash Technical Analysis 

BCH is now evaluating the 1.236 Fib extension level of the last crucial decrease from the $255 swing high to $220 low. There is likewise a significant bullish pattern line forming with assistance near $246 on the 4-hours chart of the BCH/USD set.

The present rate action is really bullish, recommending more gains in the near term above $265 An instant resistance is near the $270 level. The very first significant resistance is near the $275 zone (the last crucial resistance). It is likewise near to the 1.618 Fib extension level of the last crucial decrease from the $255 swing high to $220 low.

If bitcoin money rises above the $270 and $275 resistance levels, the bulls are most likely to intend a test of the $300 resistance zone. An intermediate resistance might be near the $288 level.

Technical indications

  • Hourly MACD– The MACD for BCH/USD is presently getting speed in the bullish zone.
  • Hourly RSI (Relative Strength Index)– The RSI for BCH/USD is now well above the 60 levels, with a bullish angle.
  • Key Support Levels– $255 and $245
  • Key Resistance Levels– $275 and $300

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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