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Reserve Bank of India to Appeal Supreme Court’s Crypto Decision

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Source: CoinTelegraph

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Bitcoin Cash Analysis: Bulls Likely Setting Up For Fresh Rally

  • Bitcoin cash price declined towards the $300 support level against the US Dollar.
  • The price is currently recovering and showing positive signs above the $320 level.
  • There was a break above a major bearish trend line with resistance near $324 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could start a major upward move once it clears the $350 and $360 resistance levels.

Bitcoin cash price is forming a decent support base above $320 against the US Dollar. BCH/USD is likely to rise steadily above the $350 and $360 barriers in the near term.

Bitcoin Cash Price Analysis

In the past few days, bitcoin cash price extended its decline below the $350 support against the US Dollar. BCH price even settled below the $350 level and the 55 simple moving average (4-hours).

Finally, the price declined below the $320 support and tested the key $300 support area. A new monthly low is formed near the $299 level and the price is currently correcting higher.

There was a break above the 23.6% Fib retracement level of the last key decline from the $410 high to $299 low. Besides, the price was able to recover above the $320 zone and the 55 simple moving average (4-hours).

More importantly, there was a break above a major bearish trend line with resistance near $324 on the 4-hours chart of the BCH/USD pair. The pair is now trading above $330, but it is struggling to gain momentum above the $340 level.

On the upside, there are many hurdles for the bulls near the $350 and $360 levels. An intermediate resistance is near the $355 level. It coincides with the 50% Fib retracement level of the last key decline from the $410 high to $299 low.

Therefore, a clear break above the $350 and $360 resistance levels is must for a strong uptrend formation. The next major hurdles are seen near the $380 and $400 levels.

Conversely, the price could fail to climb above the $350 resistance level. In the mentioned case, there is a risk of a sharp decline below the $320 level.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is showing a few positive signs above $320 and $330. Having said that, the bulls need to overcome the $350 hurdle to start a real upward move in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is currently losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.

Key Support Levels – $320 and $300.

Key Resistance Levels – $350 and $360.

The post Bitcoin Cash Analysis: Bulls Likely Setting Up For Fresh Rally appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Source: CoinTelegraph

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Source: CoinTelegraph

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Source: CoinTelegraph

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Source: CoinTelegraph

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