- Bitcoin cash price climbed higher recently and broke $260.00 and $262.00.
- BCH surpassed a major declining channel with resistance at $245.00 on the 2-hours chart.
- There could be more gains if the price clears the key $280.00 resistance area.
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Bitcoin Cash Price Analysis (BCH to USD)
Today, bitcoin price started a decent upward move above and gained more than 1.5%. A few altcoins such as binance coin (BNB) and litecoin (LTC) also traded with positive bias. Bitcoin cash price also started an upward move and it recently challenged the key $280.00 resistance area.
Click to Enlarge Chart
Looking at the 2-hour chart of BCH/USD, the pair traded as low as $227.79 and recently started a strong rebound above the $235.00 and $240.00 resistance levels. The price even settled above the $245.00 level and the 25 simple moving average (2-hours).
During the upward move, the price surpassed a major declining channel with resistance at $245.00. As a result, there were continuous gains and the price jumped above $260.00, and the 50% Fib retracement level of the last decline from the $312.05 high to $227.79 low.
The price even broke the $270.00 level and traded close to the main $280.00 resistance (the previous support and pivot level). More importantly, the 61.8% Fib retracement level of the last decline from the $312.05 high to $227.79 low is also near $280.00 to act as a hurdle.
If there is an upside break above $280.00, bitcoin cash is likely to accelerate higher towards the $290.00 or $300.00 level. On the downside, there is a strong support forming near $262.00 and 25 simple moving average (2-hours).
As long as btc price is climbing, bch price is likely to follow the same path. Conversely, if there is a downside break below the $262.00 and $260.00 support, the price may decline back towards the $245.00 support. In the mentioned case, altcoins such as Ethereum, ripple, cardano and EOS might face an increase in selling pressure.
The market data is provided by TradingView, Coinbase.