Author: - Bitcoin Cash is facing two months resistance level at $280, but bulls are not giving up
- After finding support against BTC, Bitcoin Cash started to show recovery towards March level
BCH/USD: Bitcoin Cash Poised For Breakout
Key Resistance Levels: $279, $300, $322
Key Support Levels: $236, $215, $200
Bitcoin Cash saw a slight daily increase following a nice recovery from $236 this week, although the gain is still mild compared to the recent $1000 surge in Bitcoin’s price (from $9000 – $10000).
While most of the top cryptocurrencies created a new 7-week high, Bitcoin Cash is still struggling below the mid-March drop level of $280 – where the grey supply zone lies in the above price chart.
Buyers appeared to be stepping back in the market following the latest positive moves. The double-bottom pattern around $236 is also an indication of a potential price increase.
BCH might see a massive price growth once the bulls manage to conquer the grey supply zone. However, the price may remain trapped if it continues to suppress bullish actions. As of now, Bitcoin Cash is starting to show strength and currently priced around $270 against the US Dollar.
Bitcoin Cash Price Analysis
Following this week’s bullish trajectory from $236 to a current price of around $270, BCH’s next target lies at $279. A successful cross above the $280 level should send price straight to $300 and $322 resistance.
As can be seen on the graph, Bitcoin Cash is relying on the green trend line. In case of a breakdown, the first level to watch for is $236 (the weekly support), followed by $215 support. The price may roll to $200 if the selling volume continues to increase.
BCH/BTC: BCH Recovers After Making New Low
Key Resistance Levels: 0.030 BTC, 0.0325 BTC
Key Support Levels: 0.0248 BTC, 0.022 BTC
After finding a bottom in March, Bitcoin Cash saw a decent 34% recovery to reach 0.038 BTC level on April 8 before the price got rejected. It is now trading at around 0.0275 BTC.
In fact, Bitcoin Cash is now around the green line of the 0.0275 BTC support that got broken down during the mid-week. The recovery is likely to become significant if the bulls push higher. Considering the latest positive developments, BCH bulls appear to be showing a lot of commitment to the upside. However, the buying pressure could end soon.
If Bitcoin Cash manages to find support at the immediate green trend line, more bullish action could be expected soon. The bears are likely to resume pressure if the level fails to hold.
Bitcoin Cash Price Analysis
Bitcoin Cash recovery above March’s low is now providing buyers with more opportunities in the market. The resistance to watch above this line is 0.0325 BTC, marked grey. It’s also important to keep an eye on the key level of 0.030 BTC along the way to confirm more gains.
For a bearish continuation, the level to watch here is 0.0275BTC. If it fails to act as support for Bitcoin Cash, the price may roll back to 0.024 BTC.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.