Bitcoin Cash Rally Reaches $300 and Technicals Indicate Further Upsides

Bitcoin cash prices rose more than 8%, breaking the resistance levels of $ 250 and $ 260 against the US dollar. BCH should remain above the $ 300 mark.

  • Bitcoin cash prices are gaining momentum above the $ 260 pivot level against the U.S. dollar.
  • The price was trading near the $ 300 level and is currently consolidating profits.
  • On the 4-hour chart of the BCH / USD pair (Kraken data feed), a short-term contact triangle forms with a resistance close to USD 295.
  • The pair is likely to accelerate further if it crosses the $ 300 resistance zone.

Bitcoin cash price gains bullish momentum

In the past few days, there has been a sharp rise in bitcoin and bitcoin cash prices above $ 10,000 and $ 250, respectively. BCH even traded above the main pivot level of $ 260 and the simple moving average of 100 (4 hours).

Finally, there was a pause above the $ 280 resistance. The price was close to the $ 300 level and hit a new monthly high of $ 297. Gains are currently being consolidated near the $ 290 level and the fib retracement level of 23.6% of the recent rally is being tested from a low of $ 265 to a high of $ 297.

A short-term contact triangle appears to form on the 4-hour chart of the BCH / USD pair with a resistance close to USD 295. Below the triangle support, a main support forms near $ 280.

Bitcoin cash

Bitcoin cash testing $295: Source: TradingView.com

The recent rally's 50% fib retracement level from $ 265 to $ 297 could also serve as strong support. On the upside, the price faces hurdles near $ 295 and $ 300.

A successful break above triangular resistance and then $ 300 could open the doors for a bigger increase. In the case mentioned, the price could rise towards USD 320 in the short term.

Dips supported in BCH?

If the Bitcoin cash price triggers a downward correction, the $ 280 level will likely offer support. Further losses could push the price up to $ 275 in the short term.

There is also a key bullish trend line with support near $ 270, below which it may fall towards the simple moving average of $ 100 (4 hours) or $ 250.

Technical indicators

Hourly MACD – The BCH / USD MACD is currently gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH / USD is currently rising and is in the overbought zone.

Major support levels – $ 285 and $ 280.

Major resistance levels – $ 295 and $ 300.

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