{"id":113518,"date":"2021-02-19T09:12:49","date_gmt":"2021-02-19T09:12:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=113518"},"modified":"2021-02-19T09:12:49","modified_gmt":"2021-02-19T09:12:49","slug":"bitcoin-cash-analysis-fresh-upside-break-above-720-likely","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/bitcoin-cash-analysis-fresh-upside-break-above-720-likely\/","title":{"rendered":"Bitcoin Cash Analysis: Fresh Upside Break above $720 Likely"},"content":{"rendered":"
Bitcoin cash price is consolidating gains after a strong rally to $774 against the US Dollar, similar to bitcoin. BCH\/USD could start a fresh increase unless it breaks the $600 support.<\/em><\/p>\n After forming a support base above $500, bitcoin cash price started a strong increase. BCH price broke the $550 and $600 resistance levels to move into a positive zone.<\/p>\n The bulls gained strength and pumped the price over 30%. There was also a break above the $700 level and the price settled well above the 55 simple moving average (4-hours). A high is formed near $774 and the price is currently consolidating gains.<\/p>\n There was a break below the $720 support level. The price even traded below the 23.6% Fib retracement level of the recent rally from the $601 swing low to $774 high.<\/p>\n An initial support is near the $685 level. There is also a key contracting triangle forming with support near $688 on the 4-hours chart of the BCH\/USD pair. The triangle support is close to the 50% Fib retracement level of the recent rally from the $601 swing low to $774 high.<\/p>\n Any more losses may possibly call for a decline towards the $600 support level and the 55 simple moving average (4-hours). On the upside, the price is facing a key resistance near $705 and $720.<\/p>\n A clear break above the $605 and $620 levels is must for more gains in the near term. The next major resistance is near the $775 level, above which BCH could test $850.<\/p>\n <\/p>\n Bitcoin Cash Price<\/p>\n Looking at the chart, bitcoin cash price is clearly trading nicely above the $680 level and the 55 simple moving average (4-hours). Overall, the price could either correct lower below $680 or it might a fresh rally above $720 in the near term.<\/p>\n 4 hours MACD \u2013 The MACD for BCH\/USD is losing pace in the bullish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI for BCH\/USD is still above the 50 level.<\/p>\n Key Support Levels \u2013 $685 and $600.<\/p>\n Key Resistance Levels \u2013 $720 and $775.<\/p>\nBitcoin Cash Price Analysis<\/h2>\n
Technical indicators<\/h2>\n