Bitcoin cash price is trading in a nice uptrend above $285 after a recent rally. The BCHUSD pair is likely to surge above $300 once it clears the $290 resistance level.
Yesterday, November 1, the price of Bitcoin Cash (BCH) was trading in a bullish trend. In the past few days, there was a strong rise in Bitcoin cash price above the $265 and $280 resistance levels. Moreover, the price climbed sharply higher above the $295 resistance. Finally, the price traded to a new monthly high near $307 before starting a downside correction.
Bitcoin cash traded below the $295 and $290 support levels. Besides, there was a break below the $280 support level. However, the $275 level acted as a strong support and prevented additional losses. At the time of writing, Bitcoin Cash price has risen and is trading at the $288 level.
On the upside, if more buyers emerge, a rally towards the $360 level is likely. On the other hand, if there is a downside break below the $280 and $275 supports, the price could slide towards the $260 support area.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, BCHUSD is in a bullish trend. The chart clearly shows that the pair is clearly preparing for the next key break and it could either rally again above $290 or it might extend its correction to $285. A clear break above the $290 resistance is likely to set the price for another leg higher above $300.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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