Bitcoin cash price rallied significantly and broke the $180.00 and $200.00 resistances. BCH gained more than 20% and followed a pattern similar to bitcoin’s recent rise towards $5,000.
- Bitcoin cash price started a strong rise above the $180.00 and $190.00 resistance levels.
- BCH cleared a crucial ascending channel with resistance at $175.00 on the 2-hours chart.
- The price climbed sharply above the $200.00 level and it could continue to move higher.
Bitcoin Cash Price Analysis (BCH to USD)
There was a steady base formed in bitcoin cash price above the $152.00 and $155.00 levels against the US Dollar. BCH/USD rise gained pace after today’s bitcoin assault. It rallied more than 20% today and it even surpassed the $200.00 barrier.
Click to Enlarge Chart
Looking at the hourly chart of BCH/USD, the pair followed a bullish pattern from the $148.00 swing low. It climbed above $150.00 and later settled above the $160.00 barrier and the 25 simple moving average (2-hours) to setup a strong upward move.
There were similar waves formed inside a crucial ascending channel with resistance at $175.00 on the same chart. Finally, the price broke to the upside and cleared the $180.00 and $185.00 resistance levels.
The upward move was strong as the price climbed above the $200.00, which is a strong bullish sign. A fresh 2019 high was formed at $205.63 and the price is likely to continue higher in the near term. An immediate resistance is near the $210.00 level, where sellers might emerge.
On the downside, an immediate support is at $195.00 or the 23.6% Fib retracement level of the last wave from the $166.66 low to $205.63 high. If there is a major downside correction, the price might test the $185.00 support zone.
The $185.00 zone also coincides with the 50% Fib retracement level of the last wave from the $166.66 low to $205.63 high.
Overall, there was a strong rise in the crypto market and there are chances of more gains in bitcoin cash (BCH), bitcoin (BTC), Ethereum (ETH), ripple (XRP), cardano (ADA), and other altcoins in the coming sessions.
The market data is provided by TradingView, Coinbase.