Bitcoin Cash rallied over 7% and broke the $230 level against the US dollar. BCH is likely to continue higher towards $250 if it manages to clear the 100 SMA so let’s read more in today’s Bitcoin Cash news.
The price is now facing hurdles close to the $240 level and the 100 simple moving average with a break above the key contracting triangle. BCH broke the resistance at $233 on the 4-hour charts and the pair will likely accelerate further if it clears the 100 SMA and $240 price level. Bitcoin Cash rallied over 7% and formed base support above the $220 level starting a steady recovery. BCH broke the $220 and $230 resistance levels in order to go into the positive zone, similar to the Bitcoin price above $10,500.
The price traded above the 23.6% fib retracement level of the downward move from $297 high to the $200 swing low. There was also a break above the key contracting triangle with a resistance close to the $233 level on the charts. The pair faces key hurdles close to the $240 level and the 100 simple moving average with positive price action. Bitcoin Cash has to clear the 100 SMA and there will be more chances of another push to the $250 resistance.
The 50% fib retracement level of the downward move at $297 high to the $200 swing low, is closer to the $250 level to act as a resistance. Further gains could lead the price towards $260 and the $265 resistance level in the near term. The next hurdle will be at the $290 swing high so if Bitcoin Cash starts the downside correction, the broken triangle resistance at $234 could be the next support base. The next major support is close to the $230 level where the bulls will reappear.
If the price fails to stay above the $230 support, it could revisit the $220 level so further losses could lead the price towards the $200 handle in the near term. The technical indicators such as the MACD for the BCH/USD pair is gaining pace in the bullish zone. The hourly RSI for the pair is rising and it is well above the 60 levels.
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