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.
- Bitcoin cash price is gaining momentum above the $260 pivot level against the US Dollar.
- The price traded close to the $300 level and it is currently consolidating gains.
- There is a short-term contacting triangle forming with resistance near $295 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to accelerate further higher if it clears the $300 resistance zone.
Bitcoin Cash Price Gaining Bullish Momentum
In the past few days, there was a strong increase in bitcoin 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).
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.Bitcoin cash testing $295: Source: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.