Copyright © 2018

Bitcoin Cash [BCH] Price Analysis: Fresh Gains Blast Through $300 – Eyes Glued on $350

bitcoin-cash-bch-price-analysis-fresh-gains-blast-through-300-eyes-glued-on-350
  • Bitcoin resumes the uptrend and reclaims the support above $300 amid market bullish pressure.
  • All eyes are currently glued on $350 but first, the range resistance at $325 must be cleared.

BCH/USD is still observing the ranges between $250 and $325. Following the ballistic rise in the first week of April, Bitcoin Cash touched $350 but reversed the trend refreshing the levels close to $250. The crypto spent most of last week battling to retrace the steps above the 61.8% Fibonacci retracement level between the last swing high of $353.77 and a swing low of $147.41. The price stayed below the 50 simple moving average (SMA) 4-hour until the brief surge that started during the Asian trading session on Monday and has spilled into the European session.

Bitcoin Cash Price Analysis Chart Source: TradingView

Bitcoin Cash continues to trend higher, besides technical analysis show that the price is poised for further upward movement in the short-term. The relative strength index (RSI) 4-hour has been able to recover from the levels below 30.00 and currently ranges at 63.00. In addition to that, the moving average convergence divergence (MACD) in a similar range has crossed into the positive territory to show that the buyers are gaining traction. Last week, the indicator dropped to -7.08 due to the broad-based declines on the market. It should be noted that the MACD achieved highs of +35.75 on April 4th amid the surging prices.

Also Read: Bitcoin is the Best Store of Value says CEO of Block.One

In the meantime, all eyes are currently glued on $350 but first, the range resistance at $325 must be cleared. As far as support areas are concerned Bitcoin Cash initial support is establishing at $300. The second support is provided by the 50 SMA currently at $293.28 while the next support rests at the 61.8% Fib level around $275. Other vital support areas include the 50% Fib level at $250.00, $147.41 (swing low) and $125.00.

Bitcoin Cash Key Technical Indicators:

50 SMA 4-hour: 293.28

Range limit: $325

Range support: $250

RSI 4-hour: $63.00

MACD: +2.48

Support 1: $275.00

Support 2: 250

Support 3: 125.00

Resistance 1: $311.63 (intraday high).

Resistance 2: 325 (range limit).

Resistance 3: $350 (short-term target).

The post Bitcoin Cash [BCH] Price Analysis: Fresh Gains Blast Through $300 – Eyes Glued on $350 appeared first on Coingape.