{"id":432587,"date":"2020-07-29T07:58:45","date_gmt":"2020-07-29T07:58:45","guid":{"rendered":"https:\/\/www.wncen.com\/?p=432587"},"modified":"2024-06-11T12:52:56","modified_gmt":"2024-06-11T12:52:56","slug":"bitcoin-cash-rally-reaches-300","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin-cash-rally-reaches-300\/","title":{"rendered":"Bitcoin Cash Rally Reaches $300 and Technicals Indicate Further Upsides"},"content":{"rendered":"
Bitcoin cash price rallied over 8% and it broke the $250 and $260 resistance levels against the US Dollar. BCH is likely to continue higher above the $300 barrier.<\/em><\/p>\n In the past few days, there was a strong increase in bitcoin<\/a> and bitcoin cash price above $10,000 and $250 respectively. BCH even traded above the main $260 pivot level and the 100 simple moving average (4-hours).<\/p>\n Finally, there was a break above the $280 resistance. The price traded close to the $300 level and it traded to a new monthly high at $297. It is currently consolidating gains near the $290 level, and testing the 23.6% Fib retracement level of the recent rally from the $265 swing low to $297 high.<\/p>\n It seems like there is a short-term contacting triangle forming with resistance near $295 on the 4-hours chart of the BCH\/USD pair. Below the triangle support, there is a major support forming near $280.<\/p>\n <\/a><\/p>\n The 50% Fib retracement level of the recent rally from the $265 swing low to $297 high might also act as a strong support. On the upside, the price is facing hurdles near $295 and $300.<\/p>\n A successful break above the triangle resistance and then $300 could open the doors for a larger increase. In the mentioned case, the price might rally towards the $320 level in the near term.<\/p>\n If bitcoin cash price starts a downside correction, the $280 level is likely to provide support. Any further losses could lead the price towards the $275 level in the near term.<\/p>\n There is also a crucial bullish trend line forming with support near $270, below which the may possibly decline towards the 100 simple moving average (4-hours) or $250.<\/p>\n Technical indicators<\/p>\n Hourly MACD \u2013 The MACD for BCH\/USD is currently gaining pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BCH\/USD is currently rising and in the overbought zone.<\/p>\n Key Support Levels \u2013 $285 and $280.<\/p>\n Key Resistance Levels \u2013 $295 and $300.<\/p>\n\n
Bitcoin Cash Price Gaining Bullish Momentum<\/h2>\n
Bitcoin cash testing $295: Source: TradingView.com<\/a><\/pre>\n
Dips Supported in BCH?<\/h2>\n