Bitcoin cash price surged more than 50% in the past few hours and cleared the $250.00 resistance. BCH is gaining pace along with BTC and it seems like it is heading towards $350.00 or even $385.00.
- Bitcoin cash price likely formed a strong base above the $75.00 and $100.00 levels.
- BCH cleared a crucial contracting triangle with resistance at $120.00 on the daily chart.
- The price surged above $200.00 and $250.00 to move into a strong uptrend.
Bitcoin Cash Price Analysis (BCH to USD)
The recent rise in bitcoin price to $5,000 and litecoin above $80.00 lifted the market sentiment, dragging bitcoin cash above a couple of important resistances near $180.00 and $200.00. BCH is up more than 50% in the past few hours and it is recently climbed above the $250.00 resistance.
Click to Enlarge Chart
Looking at the daily chart of BCH/USD, the pair formed a strong base above the $75.00 and $100.00 levels. Later, there was a proper close above the $100.00 pivot level and the 25-day simple moving average.
Besides, bulls managed to clear a crucial contracting triangle with resistance at $120.00 on the same chart. It started a solid upward move and later the price broke the $150.00 and $180.00 resistance levels.
Finally, the recent upsurge took out the key $200.00 and $215.00 barriers. There was a break above the 23.6% Fib retracement level of the last decline from the $637.18 high to $72.63 low.
It opened the doors for more gains above the $200.00 and $250.00 resistance levels. The next major stop and resistance could be $350.00-354.00. It represents the 50% Fib retracement level of the last decline from the $637.18 high to $72.63 low.
If there are more gains, the price is likely to test the $385.00 resistance area, which was a major support earlier. Overall, the recent uptrend is very strong for bitcoin cash above $250.00. Therefore, there are high chances of more gains above the $300.00 resistance in the coming sessions. More importantly, if bitcoin price climbs above $5,200, BCH is likely to gain further.
The market data is provided by TradingView, Coinbase.
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