Bitcoin Cash Soars Past $620, Eyes Higher Targets

Bitcoin Cash (BCH) has surged past critical resistance levels, trading above $600 and the 55-day simple moving average. The bullish trend is supported by a key trend line with support at $625. A break above $695 and $700 could lead to further gains, while support lies at $625 and $600. Technical indicators point to bullish momentum, reinforcing the potential for continued upward movement.

Bitcoin Cash Surges Past $620, Targets Higher Levels

March 29, 2023

Bitcoin cash (BCH) has experienced a significant surge in value, climbing above the $620 mark against the US Dollar. This bullish momentum has been driven by several technical factors that suggest further potential for upward movement.

Technical Analysis

After establishing a strong support base above $560, BCH initiated a steady upward trend, clearing the $580 resistance zone with ease. The price action continued its ascent, surpassing both the $600 and $620 resistance levels. At the time of writing, BCH is trading above the $600 zone and the 55 simple moving average (4 hours).

A key bullish trend line has formed on the 4-hour chart, providing support at $625. This trend line, coupled with the positive price action, suggests a high probability of continued gains for BCH.

Resistance and Support Levels

The immediate resistance level for BCH lies at $695. A successful breach of this level could trigger a significant upward movement, potentially targeting the $700 and $720 levels. Further gains above $720 could pave the way for a rally towards $750.

On the downside, immediate support is present at $660 and the 23.6% Fibonacci retracement level of the upward move from $562 to $695. A more robust support level is located at $628.

Technical Indicators

• 4-hour MACD: The MACD for the BCH/USD pair is gaining momentum in the bullish zone, indicating strong upward momentum.
• 4-hour RSI (Relative Strength Index): The RSI for BCH/USD is above the 50 level, suggesting a positive market sentiment and increasing buying pressure.

Conclusion

Bitcoin cash's price action remains bullish, with technical indicators supporting the potential for further upward movement. The immediate resistance levels to watch are $695 and $700, which could potentially trigger a rally towards higher levels. Traders should monitor the market closely for any signs of a reversal or a breakout from these resistance zones.