Bitcoin Cash Likely Setting Up For Crucial Upside Break

Bitcoin cash price is up around 10% from the $200 support area against the US Dollar.
The price is currently consolidating gains and it seems to be setting up for more gains above $225.
There is a short term declining channel forming with resistance near $222 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is likely to surge towards $250 once it clears the $225 resistance area.

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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.
Bitcoin Cash Price Analysis
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.
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).
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, Ethereum and ripple.
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.
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.
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.
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.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is showing positive signs above the $215 and $218 support levels. Therefore, there are high chances of an upside break above the $222 and $225 resistance levels in the near term.
Technical indicators
Hourly MACD – The MACD for BCH/USD is currently moving slowly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.
Key Support Levels – $215 and $200.
Key Resistance Levels – $225 and $240.
The post Bitcoin Cash Likely Setting Up For Crucial Upside Break appeared first on NewsBTC.

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