Bitcoin Cash Analysis: Bulls Aim $250 or Higher

Submitted by Anonymous (not verified) on Fri, 09/29/2023 - 07:20

Bitcoin cash started a strong increase above the $210 and $220 levels against the US Dollar.
The price is now trading above the $220 zone and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support near $228 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
The pair must clear $245 and $250 to continue higher in the near term.

Bitcoin cash price is climbing above $230 against the US Dollar, like Bitcoin. BCH/USD could accelerate higher if it clears the $245 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $200 level. BCH started a decent increase and was able to clear the $220 resistance zone.

The price climbed above the $225 and $232 resistance levels. It even spiked above $240 and traded as high as $245.32. It is now trading above the $230 zone and the 55 simple moving average (4 hours). The current price action is positive, suggesting high chances of more gains.

On the upside, the price is facing resistance near the $245 level. The next major resistance is near the $250 level, above which the price may perhaps rise toward the $265 level. Any more gains above $350 could set the pace for a move toward the $280 level.

Immediate support on the downside is near the $235 level or the 23.6% Fib retracement level of the upward move from the $202 swing low to the $245 high. The first major support sits near the $223 level.

It is close to the 50% Fib retracement level of the upward move from the $202 swing low to the $245 high. The next support is near the $215 zone, below which the bears might aim for $210. The next target for them may perhaps be near the $200 level in the coming days.

Looking at the chart, Bitcoin cash price is now trading above the $230 zone and the 55 simple moving average (4 hours). Overall, the price must clear $245 and $250 to continue higher in the near term.