As a seasoned analyst with a decade of experience in the crypto market under my belt, I can confidently say that Bitcoin Cash is showing promising signs of growth. After forming a strong base above $315, it’s impressive to see BCH outpace both Bitcoin and Ethereum, gaining over 20%.
The price of Bitcoin Cash has begun a significant surge past the $350 barrier, potentially targeting further growth beyond the $385 resistance level. At present, Bitcoin Cash appears to be stabilizing before potentially pushing higher.
- Bitcoin cash price started a fresh increase above the $350 level.
The price is trading above $365 and the 100-hour simple moving average.
There is a connecting bullish trend line forming with support at $355 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $380 resistance zone.
Bitcoin Cash Price Starts Fresh Surge
Following the establishment of a new platform above the $315 point, the value of Bitcoin Cash began to rise significantly. In comparison to Bitcoin and Ethereum, BCH saw a surge exceeding 20%, demonstrating a noticeable advancement. A clear breakthrough was observed as it surpassed the resistance zone around $350.
The price even surpassed $365 and tested the $385 resistance zone. A high was formed near $385.95 and the price is now correcting gains. There was a minor move below the $375 level. The price dipped and tested the 23.6% Fib retracement level of the upward move from the $318.02 swing low to the $385.95 high.
currently, Bitcoin cash trades above $365 and is following a bullish trendline supported at approximately $355 on an hourly chart with BCH/USD. This trendline is near the 50% Fibonacci retracement level of the upward price action from its low at $318.02 to the high at $385.95.
Immediately, there’s strong opposition to rising prices around the $380 mark. If we manage to break through this resistance at $380, it could spark a steady upward trend. The next significant barrier is at $385, surpassing which might propel the price further upwards towards $400. Any additional growth may push the price closer to the $420 resistance area.
Fresh Drop in BCH?
If Bitcoin Cash’s price doesn’t manage to surpass the $380 barrier, there might be a new drop. A potential cushion in this decline could be around $365. The following significant support lies at approximately $355 or along the trendline.
If the price drops below the $355 resistance level, it might dip down to touch the $340 support. If this happens, there’s a possibility of additional declines that could steer the price towards the $332 area in the short run.
Technical indicators
4-hour MACD – The MACD for BCH/USD is losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Key Support Levels – $365 and $355.
Key Resistance Levels – $380 and $385.
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2024-10-15 08:28