Bitcoin cash price started a strong rally from $300 and it gained more than 15%, whereas BTC is struggling near $8,700. BCH\/USD could continue to rise towards $400 in the near term.<\/p>\n
After getting rejected near $405, bitcoin cash price started a strong downside correction. BCH declined nearly $100 before the bulls took a stand near the $300 support.<\/p>\n
A swing low is formed near $300 and the price restarted its upward move. It broke a major resistance area near the $320 level and the 100 simple moving average (4-hours) to move into a positive zone.<\/p>\n
Moreover, there was a break above a major declining channel with resistance near $324 on the 4-hours chart of the BCH\/USD pair. It opened the doors for more gains above the 50% Fib retracement level of the key decline from the $404 high to $299 swing low.<\/p>\n
Bitcoin Cash Price<\/p>\n
Bitcoin cash price is now above the $350 level, but it is now facing a strong resistance near $365. It represents the 61.8% Fib retracement level of the key decline from the $404 high to $299 swing low.<\/p>\n
If there is a successful break above the $365 resistance, the price is likely to continue higher towards the main $400 resistance area in the near term<\/p>\n
There are slight chances of a minor correction if BCH bulls struggle to push the price above $365 resistance. In the mentioned case, an initial support is near the $350 level.<\/p>\n
If there is an extended downside correction, bitcoin cash price might dive towards the $330 support. The main buy zone for the bulls is near the $320 level and the 100 simple moving average (4-hours).<\/p>\n
Technical indicators<\/p>\n
Hourly MACD The MACD for BCH\/USD is currently gaining strong pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BCH\/USD is now well above the 50 level, with a bullish angle.<\/p>\n
Key Support Levels $350 and $330.<\/p>\n
Key Resistance Levels $365 and $400.<\/p>\n
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