- BCH is showing signs of a bullish break above the $270 area
- Bitcoin Cash on a bullish path above $250l against the USD
- BCH/USD is facing a hurdle near $268 and $270
Bitcoin Cash News Today – the price of BCH is in a major bullish trend line with support at $254 via the 4-hour chart. The BCH/USD trading pair will likely accelerate higher if the digital asset experiences a clear break above $268 which is a resistance area. Bitcoin Cash price is now trading within an uptrend above $255 against the USD.
The pair looks likely to clear $270 which is resistance as long as it stays above $250. Earlier in the week, the price of Bitcoin Cash extended its rise above $260 against the USD. BCH/USD even traded above $265, yet it failed to move past the $270 resistance.
BCH Formed a High at $269 Before Undergoing a Sharp Downside Correction
The BCH/USD pair formed a high near $269 before it posted a sharp downside correction. The digital asset broke the $255 level. It even spiked beneath the $250 support position. However, the price of the coin bounced back above $250. At the same time, it remained well above the 55-day SMA (simple moving average) via the 4-hour chart. BCH price traded above the 50% Fib retracement from $269 to $242. It is now trading nicely above the $255 level.
There is a significant bullish pattern forming with support at $254 on the same chart. Looking at the upside, we can see initial resistance near $262l. The resistance is also close to the 76.4% Fib retracement level from $269 to $242. The main resistance for BCH/USD on the upside is $268 and $270. If the price of BCH surges above the $270 areal, it could extend push further towards $280 and $285.
BCH Has Major Resistance at $300
The next major position of resistance for the coin can be seen near $300. Looking at the downside, we can see key support near the trend line and the $255 area. Further losses might put $250 which is a support zone at risk. There is another major support near the $245 position and the 55-day SMA. Looking at the hourly chart, the price of Bitcoin Cash is seen trading in the positive area and above the $255 position.
As long as there isn’t any close under the $250 area which is a support, BCH price will likely accelerate above $270. The MACD for the BCH/USD pair is gaining momentum and in bullish control. The RSI for the BCH/USD pair is well above level 50. There is key support for BCH at $255 and $250. Meanwhile, the coins’ key resistances seat at $262 and $270.