Bitcoin Cash (BCH) Price Turns Bullish: BTC, BNB Climbing Higher

Bitcoin Cash (BCH) Price Turns Bullish: BTC, BNB Climbing Higher

Bitcoin cash price started a strong upward move recently and surpassed $262.00. The crypto market is turning green, with solid bullish moves in bitcoin, BCH, BNB, LTC and XMR.

  • Bitcoin cash price climbed higher recently and broke $260.00 and $262.00.
  • BCH surpassed a major declining channel with resistance at $245.00 on the 2-hours chart.
  • There could be more gains if the price clears the key $280.00 resistance area.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

Today, bitcoin price started a decent upward move above and gained more than 1.5%. A few altcoins such as binance coin (BNB) and litecoin (LTC) also traded with positive bias. Bitcoin cash price also started an upward move and it recently challenged the key $280.00 resistance area.

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair traded as low as $227.79 and recently started a strong rebound above the $235.00 and $240.00 resistance levels. The price even settled above the $245.00 level and the 25 simple moving average (2-hours).

During the upward move, the price surpassed a major declining channel with resistance at $245.00. As a result, there were continuous gains and the price jumped above $260.00, and the 50% Fib retracement level of the last decline from the $312.05 high to $227.79 low.

The price even broke the $270.00 level and traded close to the main $280.00 resistance (the previous support and pivot level). More importantly, the 61.8% Fib retracement level of the last decline from the $312.05 high to $227.79 low is also near $280.00 to act as a hurdle.

If there is an upside break above $280.00, bitcoin cash is likely to accelerate higher towards the $290.00 or $300.00 level.Β  On the downside, there is a strong support forming near $262.00 and 25 simple moving average (2-hours).

As long as btc price is climbing, bch price is likely to follow the same path. Conversely, if there is a downside break below the $262.00 and $260.00 support, the price may decline back towards the $245.00 support. In the mentioned case, altcoins such as Ethereum, ripple, cardano and EOS might face an increase in selling pressure.

The market data is provided by TradingView, Coinbase.

The post Bitcoin Cash (BCH) Price Turns Bullish: BTC, BNB Climbing Higher appeared first on Blockonomi.

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