{"id":107802,"date":"2021-01-08T08:38:19","date_gmt":"2021-01-08T08:38:19","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107802"},"modified":"2021-01-08T08:38:19","modified_gmt":"2021-01-08T08:38:19","slug":"bitcoin-cash-analysis-fresh-rally-likely-if-bch-clears-450","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/bitcoin-cash-analysis-fresh-rally-likely-if-bch-clears-450\/","title":{"rendered":"Bitcoin Cash Analysis: Fresh Rally Likely If BCH Clears $450"},"content":{"rendered":"
Bitcoin cash price started a strong increase above $400 against the US Dollar, similar to bitcoin. BCH\/USD is correcting gains from $485, but dips are likely to be limited.<\/em><\/p>\n After forming a support base near the $320 level, bitcoin cash price started a strong increase. BCH price broke many hurdles near $300 and $320 to move into a positive zone.<\/p>\n The upward move gained pace above the $420 level and the 55 simple moving average (4-hours). The price even surged above the $450 level. It traded close to the $490 level and a new multi-month high was formed near $486.<\/p>\n Recently, there was a downside correction below the $450 and $430 support levels. The price even spiked below the $420 support, but the bulls protected the $400 zone. A low is formed near $401 and the price is currently showing a lot of positive signs.<\/p>\n There was a close above the $420 level. The price surpassed the 23.6% Fib retracement level of the recent decline from the $486 high to $401 low.<\/p>\n There is also a key rising channel forming with support near $420 on the 4-hours chart of the BCH\/USD pair. An initial resistance on the upside is near the $440 level. The 50% Fib retracement level of the recent decline from the $486 high to $401 low is also near the $442 level to act as a resistance.<\/p>\n A clear break above the $440 and $442 levels could open the doors for a fresh increase. The next major hurdle is at $450, above which the price could revisit the $450 level.<\/p>\n On the downside, the price is likely to remain stable above $420. The main support is still near the $400 level. Any more losses could put a lot of pressure on the bears and the price might test $365.<\/p>\n <\/p>\n Bitcoin Cash Price<\/p>\n Looking at the chart, bitcoin cash price is clearly holding gains above $400 and the 55 SMA (H4). Overall, the price start a fresh increase as long as it is above the $420 and $400 levels in the near term.<\/p>\n 4 hours MACD \u2013 The MACD for BCH\/USD is slowly losing pace in the bearish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI for BCH\/USD is currently close to the 50 level.<\/p>\n Key Support Levels \u2013 $420 and $400.<\/p>\n Key Resistance Levels \u2013 $440 and $480.<\/p>\nBitcoin Cash Price Analysis<\/h2>\n
Technical indicators<\/h2>\n