Bitcoin Cash sets up for a major upside break since the price is up for about 10 percent from the $200 support area against the US Dollar as we are seeing in today’s Bitcoin Cash news.
The price is now consolidating its gains and it seems that Bitcoin Cash sets up for more gains above the $225. There is also a short-term declining channel that is forming close to the $222 on the hourly charts of the BCH/USD pair. The pair will surge likely towards the $250 once it clears the $225 resistance area. Bitcoin Cash is now showing strong signals above the $215 level against the US dollar and it remains a good supporter and could even continue to rise above $225.
After it managed to form a base above the $190 level, the price of the altcoin bounced back above the $200 level against the US dollar and the price even managed to climb above the $210 along with the 55 simple moving average but didn’t manage to go over the $215 resistance. There was a downside correction later but the $200 support prevented a further bearish break. As a result, there was also a fresh increase above the $210 resistance. Also, there was also a break above the major bearish trend line with the $212 resistance level on the same charts.
Bitcoin cash rallied further above the $214 and the $220 resistance levels close to Bitcoin, Ripple, and Ethereum. It managed to touch the $225 resistance area and is currently correcting the gains. However, there was a break below the 23.6% Fib retracement level from the daily gains from the previous $203 and $225 high. It seems that there is another short-term declining channel forming with the resistance near the $222 on the hourly charts of the BCH/USD pairs. If there is a further upside break above the channel resistance, the price could increase above the $225 level.
In the previously mentioned case, the price will likely increase close to the $240 and $250 resistance levels but it could even correct lower in the near term below the $218. The next major support area is standing close to the $214 level coinciding with the 50 percent Fib retracement level from the previous rally from the $203 low to $225 high. Any further losses could push the price back to the $200 support area. By looking at the charts, the price of the altcoin shows strong, positive signs above the $215 support levels and there is a huge chance for a further upside break above the $222.
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