Bitcoin Cash (BCH) has recently experienced a significant surge, breaking past the $320 resistance level. Currently consolidating, BCH seems poised for further gains, eyeing the $350 resistance mark.
- Bitcoin Cash price initiated a fresh surge above the $330 level.
- The price is trading above $335 and the 100-hour simple moving average.
- A bullish flag pattern is forming with resistance at $345 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could embark on another increase if it clears the $350 resistance zone.
Bitcoin Cash Price Starts Fresh Surge
After establishing a base above the $305 level, Bitcoin Cash’s price began a fresh upward trajectory. BCH outperformed both Bitcoin and Ethereum, achieving a gain of over 15%. A decisive move above the $320 resistance zone was observed.
The price surged past $335 and tested the $350 resistance zone. A high was recorded near $349.73, after which the price began a correction phase. A minor dip below the $345 level occurred, with the price falling below the 23.6% Fib retracement level of the upward movement from the $306.92 swing low to the $349.73 high.
Currently, Bitcoin Cash is trading above $335 and the 100-hour simple moving average. Immediate resistance is positioned near the $345 level. Additionally, a bullish flag pattern is forming with resistance at $345 on the hourly chart of the BCH/USD pair.
A clear move above the $345 resistance might trigger a significant increase. The next major resistance zone is near $350, and surpassing this level could accelerate the price toward the $362 mark. Continued gains might propel the price towards the $380 resistance zone.
Fresh Drop in BCH?
If Bitcoin Cash fails to clear the $345 resistance, it could face a fresh decline. Initial support on the downside is found near the $335 level. The next major support level is near $328 or the 50% Fib retracement level of the upward movement from the $306.92 swing low to the $349.73 high.
Should the price fail to maintain above the $328 support, a test of the $320 support level could be expected. Further losses might drive the price towards the $305 zone in the near term.
Technical Indicators
4-hour MACD
The MACD for BCH/USD is gaining momentum in the bearish zone.
4-hour RSI (Relative Strength Index)
The RSI is currently above the 50 level.
Key Support Levels
$335 and $328
Key Resistance Levels
$345 and $350
