BitcoinCashpricestartedamajorincreaseabovethe$350resistance.BCHisconsolidatingandmightaimformoregainsabovethe$385resistance.
Bitcoincashpricestartedafreshincreaseabovethe$350level.
Thepriceistradingabove$365andthe100-hoursimplemovingaverage.
Thereisaconnectingbullishtrendlineformingwithsupportat$355onthehourlychartoftheBCH/USDpair(datafeedfromKraken).
Thepaircouldstartanotherincreaseifitclearsthe$380resistancezone.
BitcoinCashPriceStartsFreshSurge
Afterformingabaseabovethe$315level,BitcoinCashpricestartedafreshincrease.BCHoutpacedBitcoinandEthereumtogainover20%.Therewasaclearmoveabovethe$350resistancezone.
Thepriceevensurpassed$365andtestedthe$385resistancezone.Ahighwasformednear$385.95andthepriceisnowcorrectinggains.Therewasaminormovebelowthe$375level.Thepricedippedandtestedthe23.6%Fibretracementleveloftheupwardmovefromthe$318.02swinglowtothe$385.95high.
Bitcoincashpriceisnowtradingabove$365andthe100-hoursimplemovingaverage.Thereisalsoaconnectingbullishtrendlineformingwithsupportat$355onthehourlychartoftheBCH/USDpair.Thetrendlineisclosetothe50%Fibretracementleveloftheupwardmovefromthe$318.02swinglowtothe$385.95high.
Immediateresistanceontheupsidesitsnearthe$380level.Aclearmoveabovethe$380resistancemightstartadecentincrease.Thenextmajorresistanceis$385,abovewhichthepricemightacceleratehighertowardthe$400level.Anyfurthergainscouldleadthepricetowardthe$420resistancezone.
FreshDropinBCH?
IfBitcoinCashpricefailstoclearthe$380resistance,itcouldstartafreshdecline.Initialsupportonthedownsideisnearthe$365level.Thenextmajorsupportisnearthe$355levelorthetrendline.
Ifthepricefailstostayabovethe$355support,thepricecouldtestthe$340support.Anyfurtherlossescouldleadthepricetowardthe$332zoneinthenearterm.
Technicalindicators
4-hourMACD–TheMACDforBCH/USDislosingpaceinthebullishzone.
4-hourRSI(RelativeStrengthIndex)–TheRSIiscurrentlyabovethe50level.
KeySupportLevels–$365and$355.
KeyResistanceLevels–$380and$385.
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