Bitcoin Cash

Bitcoin

Resistance

Gains

Bitcoin Cash price rallied over 10% and broke the $245 resistance. BCH is now facing strong resistance near the $255 zone. 
<ul> 
 <li>Bitcoin cash price started a fresh surge above the $232 resistance.</li> 
 <li>The price is trading above $245 and the 100 simple moving average (4 hours).</li> 
 <li>There was a break above a key bearish trend line with resistance near $225 on the 4-hour chart of the BCH/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move up if it clears the $255 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-cash-price-rallies-above-250">Bitcoin Cash Price Rallies Above $250</h2> 
After forming a base above the $220 level, Bitcoin Cash price started a steady increase. It broke the $225 resistance to enter a positive zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-surges-over-40k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-breaks-2200/" target="_blank" rel="noopener ">Ethereum</a>. 
There was a break above a key bearish trend line with resistance near $225 on the 4-hour chart of the BCH/USD pair. There was a strong increase above the $232 and $245 resistance levels. The price is up over 10% and it is now testing the $255 resistance. 
BCH is now showing positive signs above $245 and the 100 simple moving average (4 hours). It is also above the 23.6% Fib retracement level of the upward move from the $219 swing low to the $255 high. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-Cash.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-563700" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-Cash.png?resize=1024%2C468" alt="Bitcoin Cash Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-Cash.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-Cash.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-Cash.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-Cash.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-Cash.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-Cash.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-Cash.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BCHUSD/" target="_blank" rel="noopener nofollow">BCH/USD on TradingView.com</a> 
The price is now struggling to clear the $255 resistance. To continue higher, the price must settle above $255. The next major resistance is near $265, above which the price might accelerate higher toward the $280 level. Any further gains could lead the price toward the $300 resistance zone. 
<h2 id="fresh-drop-in-bch">Fresh Drop in BCH?</h2> 
If Bitcoin Cash price fails to clear the $255 resistance, it could start a fresh decline. Initial support on the downside is near the $245 level. 
The next major support is near the $232 level or the 61.8% Fib retracement level of the upward move from the $219 swing low to the $255 high, where the bulls are likely to appear. If the price fails to stay above the $232 support, the price could test the $225 support. Any further losses could lead the price toward the $220 zone in the near term. 
Technical indicators 
4-hour MACD – The MACD for BCH/USD is gaining pace in the bullish zone. 
4-hour RSI (Relative Strength Index) – The RSI is currently in the overbought zone. 
Key Support Levels – $245 and $232. 
Key Resistance Levels – $255 and $265.

Bitcoin Cash Price Pumps Over 10% But $255 Is The Key To More Gains

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