Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Bitcoin Cash (BCH) Soars 20%: Can The Momentum Last?

Source Newsbtc

Bitcoin Cash price started a major increase above the $350 resistance. BCH is consolidating and might aim for more gains above the $385 resistance.

Bitcoin cash price started a fresh increase above the $350 level.
The price is trading above $365 and the 100-hour simple moving average.
There is a connecting bullish trend line forming with support at $355 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $380 resistance zone.

Bitcoin Cash Price Starts Fresh Surge

After forming a base above the $315 level, Bitcoin Cash price started a fresh increase. BCH outpaced Bitcoin and Ethereum to gain over 20%. There was a clear move above the $350 resistance zone.

The price even surpassed $365 and tested the $385 resistance zone. A high was formed near $385.95 and the price is now correcting gains. There was a minor move below the $375 level. The price dipped and tested the 23.6% Fib retracement level of the upward move from the $318.02 swing low to the $385.95 high.

Bitcoin cash price is now trading above $365 and the 100-hour simple moving average. There is also a connecting bullish trend line forming with support at $355 on the hourly chart of the BCH/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $318.02 swing low to the $385.95 high.

Immediate resistance on the upside sits near the $380 level. A clear move above the $380 resistance might start a decent increase. The next major resistance is $385, above which the price might accelerate higher toward the $400 level. Any further gains could lead the price toward the $420 resistance zone.

Fresh Drop in BCH?

If Bitcoin Cash price fails to clear the $380 resistance, it could start a fresh decline. Initial support on the downside is near the $365 level. The next major support is near the $355 level or the trend line.

If the price fails to stay above the $355 support, the price could test the $340 support. Any further losses could lead the price toward the $332 zone in the near term.

Technical indicators

4-hour MACD – The MACD for BCH/USD is losing pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.

Key Support Levels – $365 and $355.

Key Resistance Levels – $380 and $385.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

WTI rises to near $89.50 as Middle East supply threats offset Persian Gulf recovery West Texas Intermediate (WTI) oil price extends its gains for the second successive day, trading around $89.50 per barrel during the Asian hours on Wednesday. Crude oil climbed as persistent risks to Middle East energy flows overshadowed signs of rising supply from the region.

Author FXStreet

Oct 07, Wed

West Texas Intermediate (WTI) oil price extends its gains for the second successive day, trading around $89.50 per barrel during the Asian hours on Wednesday. Crude oil climbed as persistent risks to Middle East energy flows overshadowed signs of rising supply from the region.

WTI slips below $90.50 as Trump signals no pre-election strike on Iran West Texas Intermediate (WTI) oil price declines after posting nearly 2.5% gains in the previous day, trading around $90.30 per barrel during Asian hours on Friday.

Author FXStreet

Oct 09, Fri

West Texas Intermediate (WTI) oil price declines after posting nearly 2.5% gains in the previous day, trading around $90.30 per barrel during Asian hours on Friday.

Hurricane Isaias has shut in a quarter of Gulf oil output — can WTI clear $92 before Thursday's EIA report?WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

Author Irene Q.

Oct 09, Fri

WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

US September CPI preview: inflation set to hit 3.7% — will the Fed hike in December?US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Author Irene Q.

Yesterday 03: 23

US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Gold posts first weekly gain in three weeks — can $4,200 hold through CPI?Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Author Irene Q.

Yesterday 05: 48

Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Popular Symbols