- Bitcoin Cash has broken the $350 level gaining 15%
- It is now likely going to approach the $400 position
- BCH/USD must clear the $365 resistance before reaching $400
Bitcoin Cash News Today – the price of Bitcoin Cash initiated a strong rally beginning at the $300 area. It gained over 15%. The BCH/USD pair could continue its rise towards the $400 area in the near-term. The Bitcoin Cash price has already broken the $350 barrier (resistance position) against the USD. The price of the digital asset has been showing many positive signals above the $330 area and the 100 SMA.
The pair saw a break over a major declining pattern with the closest resistance position near the $324 point via the 4-hour chart. The chances of the BCH/USD pair accelerating towards the $400 mark are high. However, it can only achieve this if it manages to clear the $365 resistance.
Bitcoin Cash (BCH) Price Today – BCH / USD
The Price of Bitcoin Cash Could Revisit $400
After enduring a rejection close to the $405 position, the BCH price entered a downside correction which led to the decline of the digital asset by nearly $100. It continued in this trajectory until the bulls returned at the $300 support area. After this, a swing low was formed near $300 which is the point where the pair started the current upward price action.
Bitcoin Cash price also broke a major resistance area near $320 and the 100 SMA to enter a positive region. There was also a break above an important declining channel with the resistance area near $324 via the 4-hour chart of the pair. This price action opened the door for more gains for the coin (above the 50% Fibonacci retracement position via the last key decline from $404 to $299).
The Price of BCH is now above $350
The price of Bitcoin Cash is now trading above the $350 level. However, it is facing a strong resistance point at $365. This represents the 61.8% Fibonacci retracement level via the last key drop from $404 to $299. If the coin makes a successful break over the $365 resistance area, the Bitcoin Cash price will likely to continue moving higher towards $400 (which is the main resistance position in the near-term).
There is also a slight chance of a minor correction should the bulls struggle to take the coin’s price above the $365 resistance. In any case, the initial support should be at the $350 position. If there’s a long downside correction, the BCH price might dive into the $330 support. Hence, the main buy region for the bulls is $320 and the 100 SMA.