Bitcoin Cash Analysis: $400 Presents Key Resistance


  • Bitcoin cash price started a fresh increase from the $280 support against the US Dollar.
  • The price is now trading above the $350 zone and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $360 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could correct lower, but the bulls might remain active near the $330 support zone.

Bitcoin cash price is showing positive signs above $350 against the US Dollar, similar to bitcoin. BCH/USD must stay above $330 to start a fresh increase.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a base above the $280 level and started a fresh increase. BCH was able to clear the $300 resistance zone to move into a positive zone.

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There was a clear move above the $330 resistance and the 55 simple moving average (4-hours). The price even surged above the $350 level. A high is formed near $387 and the price is now correcting lower. There was a drop below the $380 and $375 support levels.

The price traded below the 23.6% Fib retracement level of the upward move from the $277 swing low to $387 high. It is now consolidating near the $360 support.

There is also a key bullish trend line forming with support near $360 on the 4-hours chart of the BCH/USD pair. The next major support is near the $350 level, below which the bears gain strength. The next target for them may perhaps be near the $330 level.

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The 50% Fib retracement level of the upward move from the $277 swing low to $387 high is also near the $330 level. On the upside, the price is now facing resistance near the $370 level.

The next major resistance is near the $385 level. A clear break above $380 and $385 might start a fresh increase. In the stated case, the price could rise towards the $400 resistance zone. The next major hurdle is near the $440 level.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $350 zone and the 55 simple moving average (4-hours). Overall, the price could correct lower, but the bulls might remain active near the $330 support zone.

Technical indicators

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

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

Key Support Levels – $360 and $330.

Key Resistance Levels – $370 and $385.

Tags: BCH, Bitcoin Cash


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