BCH Follows Suit With A Strong Move Towards $294: Price Analysis

BCH follows suit with a strong move towards the $294 price level after the steady recovery from $216 which pushed the altcoin above the crucial $280 level with a 25% gains in a week as we are reading further in the Bitcoin Cash news today.

Against Bitcoin, the price continued to stay in a consolidation phase after three months of being in decline.
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The Key resistance levels include $352, $409, $428 while the key support levels are set at $280, $258, $245. Following the price surge in Ethereum and Bitcoin, BCH follows suit with a decent growth over the past few days as BCH currently trades at $290.

Bitcoin Cash started showing strength after pushing to the $245 over the weekend with a slight break above the key supply area which suppressed a bullish action in the past four months. Considering the latest breakout to $298, the price could even see a bigger increase in the upcoming days. However, the price could retest the break of $280 before the buying resumes but BCH still sets a bullish tone in the mid-term perspective.

Looking at the daily charts, Bitcoin Cash still looks cheap but the critical resistance to watch out for the next move towards the $352 level while the next targets are $409 and $428. If a drop occurs, the $280 price level could provide a rebound level for the bulls otherwise, the price could drop further into the grey supply demand zone of $258 while below the area, there’s the $245 level that led to the latest price increase. The key resistance levels are set at 0.027 BTC, 0.0285 BTC, 0.0341 BTC while the key support levels are set at 0.024 BTC, 0.022 BTC, and 0.020 BTC.

Over the past few months, Bitcoin Cash started trading within the tight range between 0.024 BTC and 0.027 BTC after dropping from the 0.048 BTC back in February. The consolidation cycle shows a strong lack of interest as the price could remain trapped in this range for a while. After the buy-back from yesterday, the 0.024 BTC level only shows that the bulls are showing interest again but it is not enough to be considered as a bullish move and a break above the 0.27 level could signal a reversal for the cryptocurrency.

Looking at the current daily candle, the price could start dropping towards the 0.024 SAT level but BCH is now trading at the 0.026 BTC after dropping 1%.