Bitcoin Cash crushes a key resistance level, trading above the $250 support line, and now it is likely that the altcoin will continue higher towards the $270 resistance level as we are reading more in the Bitcoin Cash news.
The Bitcoin cash price is trading in a positive zone above the $250 support against the US dollar as the price broke the crucial level at $255, showing more signs of gains. Bitcoin Cash crushes the key resistance of $255 on the 4-hour charts and the pair is likely to rise towards the $270 and $280 levels in the near-term. After the downside correction, Bitcoin Cash found support close to the $245 zone as the price traded as low as $246 before starting a fresh increase. It even broke the $250 resistance and remained well above the 100 simple moving average.
There was a break above the 50% fib retracement level of the previous $263 high to the $246 low. What is even more important, there was a break above the key contracting triangle with a resistance close to the $255 on the 4-hour charts of the BCH/USD pair. The pair is now trading above the 61% fib retracement from the downward movement of $263 to the $246 low. It seems that Bitcoin Cash will continue even higher above the $260 level.
The initial resistance is close to the $268 level or the 1.236 Fib extension level from the move of the downward $263 to the $246 low. If the price breaks the $268 resistance, it will likely rise even further towards the $280 and $285 resistance levels in the near term. If Bitcoin Cash price corrects lower in the short-term, BCH could find support close to the triangle lower of the trend line at $252 and $250. The main support is now forming close to the $248 zone and the 100 simple moving averages. Another downside break below the $248 support could initiate a sharp decline and the price could revisit the $230 support zone in the upcoming near-term.
The hourly MACD for the BCH/USD pair is showing strength to gain pace in the bullish zone. The Hourly RSI (Relative Strenght Index) for the pair is currently well above the 50 levels with positive signs. The key support levels are $250 and $248 while the key resistance levels are $268 and $280.
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