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

Bitcoin cash Price analysis
Source: TradingView

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
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).

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Bitcoin Cash [BCH] Price Analysis: Fresh Gains Blast Through $300 – Eyes Glued on $350
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Bitcoin Cash [BCH] Price Analysis: Fresh Gains Blast Through $300 – Eyes Glued on $350
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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
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John Isige 96 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Follow him on Twitter at @jjisige

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John Isige 96 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Follow him on Twitter at @jjisige

Follow John @