Bitcoin Cash Price Could Restart Increase To $250 If It Breaks This Resistance

2023-8-28 07:54

Bitcoin Cash price recovered from the $160 zone against the US Dollar. BCH might aim a fresh rally toward the $240 and $250 levels.

Bitcoin cash price is consolidating above the $180 level against the US Dollar. The price is trading below $200 and the 100 simple moving average (4 hours). There is a key rising channel forming with resistance near $200 on the 4-hour chart of the BCH/USD pair (data feed from Kraken). The pair is likely to accelerate higher if it clears $195 and $200. Bitcoin Cash Price Prepares For The Next Move

After a strong decline, Bitcoin Cash price found support near the $160 level. BCH traded as low as $160.90 and recently started a recovery wave, like Bitcoin and Ethereum.

The price climbed above the $175 and $180 resistance levels. There was a break above the 23.6% Fib retracement level of the downward move from the $237 swing high to the $160 low. The price is now trading in a range above the $190 level.

Bitcoin Cash is now trading below $200 and the 100 simple moving average (4 hours). There is also a key rising channel forming with resistance near $200 on the 4-hour chart of the BCH/USD pair.

Immediate resistance is near the $200 level, the channel zone, and the 100 simple moving average (4 hours). The next major resistance is near $220 or the 76.4% Fib retracement level of the downward move from the $237 swing high to the $160 low.

Source: BCH/USD on TradingView.com

Any further gains could lead the price toward the $240 and $250 resistance levels in the near term. The next major hurdle is near the $265 level.

Dips Supported in BCH?

If Bitcoin Cash price fails to clear the $200 resistance, it could start a fresh decline. Initial support on the downside is near the $185 level.

The next major support is near the $180 level, where the bulls are likely to appear. If the price fails to stay above the $180 support, the price could test the $170 support. Any further losses could lead the price toward the $160 zone in the near term.

Technical indicators

4-hour MACD – The MACD for BCH/USD is losing pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.

Key Support Levels – $185 and $180.

Key Resistance Levels – $200 and $220.

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