Bitcoin cash price rebounded nicely after testing the $152.00 support area. BCH is up more than 7% and it could accelerate above the $175.00 and $180.00 resistances.
- Bitcoin cash price jumped higher above the $162.00 and $165.00 resistance levels.
- BCH seems to be following an ascending channel with resistance at $170.00 on the 2-hours chart.
- The price might correct a few points, but dips remain supported near $162.00.
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Bitcoin Cash Price Analysis (BCH to USD)
After forming a swing high near the $168.80 level, bitcoin cash price corrected lower below $160.00. However, the $152.00 support area acted as a strong support and later the price rebounded nicely above the $162.00 and $165.00 resistance levels.
Click to Enlarge Chart
Looking at the hourly chart of BCH/USD, the pair traded as low as $152.85 and later jumped above the $160.00 barrier plus the 25 simple moving average (2-hours). Besides, there was a break above a connecting bearish trend line with resistance at $160.50.
The price even climbed above the $165.00 resistance and the $168.80 swing high. A new monthly high was formed at $169.85 and it seems like the price is following a replica of the previous wave.
In the mentioned scenario, there are chances of an upside break towards the $177.00 level in the coming sessions. Besides, the price may even trade above the $180.00 level if buyers remain in action. On the downside, an initial support is near the 23.6% Fib retracement level of the last wave from the $152.85 low to $169.85 high.
However, the main support is near the $162.00 level, the 25 simple moving average (2-hours), and the 50% Fib retracement level of the last wave from the $152.85 low to $169.85 high.
More importantly, the price is following an ascending channel with resistance at $170.00. Therefore, a convincing break above the channel resistance and $175.00 may open the doors for a solid bullish wave towards $180.00.
Overall, the current market sentiment is positive, suggesting more gains in bitcoin cash (BCH), bitcoin (BTC), Ethereum (ETH), ripple (XRP), cardano (ADA), and other altcoins in the near term.
The market data is provided by TradingView, Coinbase.
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