Bitcoin Cash (BCH) Price Analysis: BCH Embarks on a Significant Upward Trajectory, Targeting $400

Bitcoin Cash has embarked on a significant upward trajectory, crossing the critical $350 resistance level. Following this breakthrough, BCH is in a consolidation phase, yet indicators suggest potential further gains, possibly surpassing the $385 resistance.

Bitcoin Cash price is displaying signs of potential further gains after a fresh surge. The cryptocurrency, ranked 28th by market capitalization, experienced a breakout from the critical $350 resistance level. Following this, BCH entered a consolidation phase, but indicators suggest the potential for additional gains, possibly surpassing the $385 resistance.

After establishing a base above the $315 level, Bitcoin Cash has shown strong growth, outperforming both Bitcoin and Ethereum with a notable 20% increase. The price ascended beyond the $350 resistance zone and even exceeded the $365 level, subsequently testing the $385 resistance zone. A peak was observed at approximately $385.95 before the price began to correct.

There was a minor dip below $375, aligning with the 23.6% Fib retracement level of the upward movement from the $318.02 swing low to the $385.95 high. Currently, Bitcoin Cash is trading above $365, supported by the 100-hour simple moving average and the mentioned bullish trend line near $355, which corresponds with the 50% Fib retracement level of the aforementioned upward move.

Immediate resistance on the upside is positioned close to the $380 level. A definitive rise above this resistance could trigger a substantial increase. The subsequent major resistance is identified at $385, beyond which the price may accelerate towards the $400 mark. Continued gains could push the price further towards the $420 resistance zone.

Should Bitcoin Cash struggle to surpass the $380 resistance, a fresh decline may ensue. The initial support on the downside hovers around the $365 mark, with a more significant support level near $355. If the price falls below this critical support, it may descend towards the $340 support level. Any additional declines might lead the price to the $332 zone in the near term.

Technical indicators for the 4-hourの時間枠 show that the MACD is losing momentum within the bullish zone, while the RSI is currently above the 50 level.

To summarize, Bitcoin Cash price is displaying signs of potential further gains after a fresh surge. The cryptocurrency, ranked 28th by market capitalization, experienced a breakout from the critical $350 resistance level. Following this, BCH entered a consolidation phase, but indicators suggest the potential for additional gains, possibly surpassing the $385 resistance.

Key support levels are identified at $365 and $355, whereas key resistance levels are at $380 and $385.

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