{"id":405674,"date":"2019-11-28T08:00:25","date_gmt":"2019-11-28T08:00:25","guid":{"rendered":"https:\/\/uniquehot.com\/?p=405674"},"modified":"2024-06-11T13:34:36","modified_gmt":"2024-06-11T13:34:36","slug":"bitcoin-cash-likely-setting-up-for-crucial-upside-break","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-cash-likely-setting-up-for-crucial-upside-break\/","title":{"rendered":"Bitcoin Cash Likely Setting Up For Crucial Upside Break"},"content":{"rendered":"
Bitcoin cash price is showing positive signs above the $215 level against the US Dollar. BCH\/USD remains well supported and it could continue to rise above $225.<\/em><\/p>\n After forming a base above the $190 level, bitcoin cash price bounced back above the $200 level against the US Dollar. BCH price even climbed above $210 and the 55 simple moving average (4-hours), but it struggled to surpass the $215 resistance.<\/p>\n Later, there was a downside correction, but the $200 support prevented a bearish break. As a result, there was a fresh increase above the $210 resistance and the 55 simple moving average (4-hours).<\/p>\n Moreover, there was a break above a major bearish trend line with resistance near $212 on the same chart. Bitcoin cash price rallied above the $215 and $220 resistance levels, similar to bitcoin<\/a>, Ethereum<\/a> and ripple<\/a>.<\/p>\n It tagged the $225 resistance area and is currently correcting gains. There was a break below the 23.6% Fib retracement level of the recent rally from the $203 low to $225 high.<\/p>\n It seems like there is a short term declining channel forming with resistance near $222 on the hourly chart of the BCH\/USD pair. If there is an upside break above the channel resistance, the price could surge above the $225 level.<\/p>\n In the mentioned case, the price is likely to climb towards the $240 and $250 resistance levels. Conversely, the price may perhaps correct lower in the near term below $218.<\/p>\n The next major support area is near the $214 level. It coincided with the 50% Fib retracement level of the recent rally from the $203 low to $225 high. Any further losses may perhaps push the price back towards the $200 support area.<\/p>\nBitcoin Cash Price Analysis<\/h2>\n