Bitcoin Cash Breaks Crucial Resistance At $280 After Recent Recovery

Bitcoin Cash breaks the crucial resistance level at $280 and the bulls are not likely to give up anytime soon. After reaching a new support level against Bitcoin, BCH started to recover by the end of March and the pair is now poised for a breakout. The next key resistance levels to watch out are $279, $300 and $322 as we are reading in the following Bitcoin Cash news.

Bitcoin Cash breaks the resistance after the nice recovery from $236 earlier this week. The gains, however, are still mild compared to the recent $1000 surge in the price of the number one asset. Most of the top cryptocurrencies created a 7 week high but Bitcoin Cash is still having a hard time below the mid-March drop level of $280.

The buyers seem to be following the positive movements and the double-bottom pattern next to the $236 level is an indication of another price increase. BCH could even reach a huge price growth once the bulls manage to reach into the grey supply zone. The price could also remain trapped if it continues to suppress the bullish action but it is showing strength priced at $270.Right after the bullish movement from $236, the next target of the asset lies at $279 which could even send the price into the $300 zone.

As it can be seen on the charts, Bitcoin Cash is relying on the green trend line so if a breakdown is to happen, the first level to have an eye out is the $236 followed by the $215 level. The price could roll down to $200 if the selling volume increases. The key resistance levels include 0.030 and 0.0325 BTC while the key support levels are 0.0248 and 0.022 BTC. After finding a bottom in March, BCH saw a recovery of 34% and reached 0.038 levels at the start of April. It is now trading around 0.0257BTC.

Bitcoin Cash is between the green line of 0.0275 BTC support that was broken down in the mid-week session. The recovery will become important if the bulls push higher since this is the latest positive development, the bulls will show more commitment to the upside. The buying pressure could also end soon. If BTC manages to find new support at the green trend line, more bullish action could be expected and the bears will resume the pressure if the level fails.