Bitcoin cash price rallied over 8% and it broke the $250 and $260 resistance levels against the US Dollar. BCH is likely to continue higher above the $300 barrier.<\/p>\n
In the past few days, there was a strong increase in bitcoin and bitcoin cash price above $10,000 and $250 respectively. BCH even traded above the main $260 pivot level and the 100 simple moving average (4-hours).<\/p>\n
Finally, there was a break above the $280 resistance. The price traded close to the $300 level and it traded to a new monthly high at $297. It is currently consolidating gains near the $290 level, and testing the 23.6% Fib retracement level of the recent rally from the $265 swing low to $297 high.<\/p>\n
It seems like there is a short-term contacting triangle forming with resistance near $295 on the 4-hours chart of the BCH\/USD pair. Below the triangle support, there is a major support forming near $280.<\/p>\n<\/p>\n
The 50% Fib retracement level of the recent rally from the $265 swing low to $297 high might also act as a strong support. On the upside, the price is facing hurdles near $295 and $300.<\/p>\n
A successful break above the triangle resistance and then $300 could open the doors for a larger increase. In the mentioned case, the price might rally towards the $320 level in the near term.<\/p>\n
If bitcoin cash price starts a downside correction, the $280 level is likely to provide support. Any further losses could lead the price towards the $275 level in the near term.<\/p>\n
There is also a crucial bullish trend line forming with support near $270, below which the may possibly decline towards the 100 simple moving average (4-hours) or $250.<\/p>\n
Technical indicators<\/p>\n
Hourly MACD The MACD for BCH\/USD is currently gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BCH\/USD is currently rising and in the overbought zone.<\/p>\n
Key Support Levels $285 and $280.<\/p>\n
Key Resistance Levels $295 and $300.<\/p>\n
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Bitcoin Cash Rally Reaches $300 and Technicals Indicate Further Upsides | NewsBTC - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin cash price rallied over 8% and it broke the $250 and $260 resistance levels against the US Dollar. BCH is likely to continue higher above the $300 barrier Continue reading