Bitcoin Cash Gains Bullish Momentum Breaking $250 Resistance

Bitcoin Cash gains 8% breaking the $250 resistance level and as it seems BCH will outpace Bitcoin and could even climb towards $275 and $300 in the near term as we are reading more in the Bitcoin Cash news.

Bitcoin cash gains bullish momentum and is now trading well above the $255 level of the 100 SMA. There is another major bullish trend line forming close to the $264 on the 4-hour chart of the BCH/USD pair. This pair will likely accelerate higher to the $275 high or the $300 high. Recently, there was a strong increase in Bitcoin price above the $10,000 resistance as we reported in the Bitcoin news, which sparked a huge surge in Bitcoin Cash price above $250 resistance levels.

The strong support base was formed close to the $235 and the 100 simple moving average as the recent surge helped the price break the $255 pivot level. BCH is now testing the 1.236 Fib extension level of the last key decline from the $255 swing high to the $220 low and there’s a bullish trend line forming with the close support of $246 on the 4-hour chart of the pair. The current price action is very bullish and suggests even more gains in the near term above $265. The immediate resistance is close to the $270 level while the first major resistance is close to the $275 zone.

The price is close to the 1.618 Fib extension level of the last key decline from the $255 high to the $220 low. If Bitcoin Cash surges above the $270 and $275 levels, the bulls will aim to test the $300 resistance zone. The immediate resistance could be close to the $288 level. In the short term, there could be a minor pullback in Bitcoin Cash and the first support here will be seen at the $255 levels. The main support is forming close to the $245 level so further losses could lead the price towards $235 support.

The hourly MACD for BCH/USD is gaining pace in the bullish zone. The Relative Strenght Index shows that it is well above 60 levels with a bullish angle. The key support levels include $255 and $245 while the key resistance levels include $275 and $300. Also, The Bitcoin Cash supporters await the latest Cashfusion audit as the protocol helped facilitate 4583 fusions up to date with more than 40,564 BCH. The platform is a very popular-privacy enhancing platform that is used for obfuscating Bitcoin cash transactions.