October 27, 2020

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Bitcoin Cash Analysis: Bulls Aiming Crucial Upside Break | Live Bitcoin News

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  • Bitcoin cash price is slowly moving higher and it is trading above $225 against the US Dollar.
  • The price is currently consolidating below the $240 resistance and above the 55 simple moving average (4-hours).
  • There is a crucial contracting triangle forming with resistance near $236 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could either rally above the $240 resistance or dive back towards the $200 handle.

Bitcoin cash price is showing positive signs above the $225 level against the US Dollar. BCH/USD is likely to surge above $240 as long as it is above the $225 support.

Bitcoin Cash Price Analysis

After forming a base above the $210 level, bitcoin cash price started a slow increase against the US Dollar. BCH price broke a couple of important hurdles near the $220 and $225 levels to move into a positive zone.

The price even settled above the $225 support and the 55 simple moving average (4-hours). It gained pace above the $230 level, but the bulls struggled to clear the $240 resistance. A high is formed near $242 and the price is currently consolidating gains.

There was a corrective wave below the 23.6% Fib retracement level of the upward move from the $218 low to $424 swing high. However, the price seems to be forming a strong support above the $225 level and the 55 simple moving average (4-hours).

There is also a crucial contracting triangle forming with resistance near $236 on the 4-hours chart of the BCH/USD pair. The triangle support is close to the 50% Fib retracement level of the upward move from the $218 low to $424 swing high.

If there is an upside break above the triangle resistance, bitcoin cash price is likely to surge above the $240 and $242 levels. The next key resistance is near the $250 level, above which the price might rise towards the $258 level.

Conversely, the price may perhaps break the triangle support and dive below the $225 support. The next major support is near the $210 level, followed by the $200 handle.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearly consolidating below the $240 resistance and above the 55 simple moving average (4-hours). The price could either rally above the $240 resistance or dive back towards the $200 handle.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.

Key Support Levels – $225 and $210.

Key Resistance Levels – $236 and $240.

Tags: BCH, Bitcoin Cash

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