- BCH has just taken a rest from a 2-day long bull-run while it is gathering momentum before striking another price rally
- Bitcoin Cash has formed a decent support area around $300 over the last 5 days
- The immediate support level for the BCH coin is at $358.19 while resistance for the coin is above $373
- SMA lines are giving bullish signs while MACD indicator is still in the bearish zone
Bitcoin Cash Price Analysis
On January 23, Bitcoin Cash was trading with a bearish impact, and the next day, it bottomed to $300.95. Here, it seems to have found a decent support level as it started a steady and lasting price rally.
The currency reached as high as $373.52 before correcting down to $358, its recently formed and active support level. Over the last 5 days, BCH coin has seen many S/R flips as it cleared a few major resistances at 61.80%, 50%, and 38.20% Fib levels.
Also, the coin is trading well above the major support area that has been formed over the last few days. Bitcoin Cash is likely to continue its price rally above $360, and it holds a strong support line at $300.
The MACD indicator is just below the zero-line while having its signal line on the upside; this shows a negative sign. SMA lines are extremely bullish as the short-term SMA line is much above the long-term SMA line.
Bitcoin Cash is trading with quite a positive bias at the moment. The coin is likely to see resistance levels at $389.68 and $404.49 once it trades above $376.16. Support levels for the coin stand at $347.83, $333.02, and $319.5.