Bitcoin Cash Price Solid 15% Gain: Signs Point to Fresh BCH Rally Ahead
February 11 2024 - 11:58PM
NEWSBTC
Bitcoin Cash price rallied over 15% and broke the $275 resistance.
BCH is now facing strong resistance near the $282 zone. Bitcoin
cash price started a fresh surge above the $250 resistance. The
price is trading above $265 and the 100 simple moving average (4
hours). There is a key bullish trend line forming with support at
$258 on the 4-hour chart of the BCH/USD pair (data feed from
Kraken). The pair could continue to move up if it clears the $282
resistance zone. Bitcoin Cash Price Rallies Above $270 After
forming a base above the $232 level, Bitcoin Cash price started a
steady increase. It broke the $245 resistance to enter a positive
zone, like Bitcoin and Ethereum. There was a strong increase above
the $250 and $265 resistance levels. The price gained over 15% and
tested the $282 resistance. A high was formed near $283 and the
price is now correcting gains. There was a move below the $275
level. The price tested the 23.6% Fib retracement level of the
upward move from the $233 swing low to the $283 high. BCH is now
showing positive signs above $260 and the 100 simple moving average
(4 hours). Source: BCH/USD on TradingView.com There is also a key
bullish trend line forming with support at $258 on the 4-hour chart
of the BCH/USD pair. If there is another increase, the price might
face resistance near $275. To continue higher, the price must
settle above $282. The next major resistance is near $292, above
which the price might accelerate higher toward the $300 level. Any
further gains could lead the price toward the $320 resistance zone.
Fresh Drop in BCH? If Bitcoin Cash price fails to clear the $275
resistance, it could start a fresh decline. Initial support on the
downside is near the $265 level. The next major support is near the
$258 level or the trend line. It is close to the 50% Fib
retracement level of the upward move from the $233 swing low to the
$283 high, where the bulls are likely to appear. If the price fails
to stay above the $258 support, the price could test the $245
support. Any further losses could lead the price toward the $232
zone in the near term. Technical indicators 4-hour MACD – The MACD
for BCH/USD is losing pace in the bullish zone. 4-hour RSI
(Relative Strength Index) – The RSI is currently in the overbought
zone. Key Support Levels – $265 and $258. Key Resistance Levels –
$275 and $282.
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