Bitcoin Cash price has started a significant rally above the resistance at $350. BCH is consolidating and may seek further gains above the resistance at $385.

• Bitcoin Cash price has started a fresh surge above the $350 level.
• The price is trending above $365 and the 100-hour elementary moving average.
• A connecting bullish trendline is forming on the hourly chart of the BCH/USD pair with support at $355 (data source from Kraken).
• The pair could begin another rally if it clears the $380 resistance zone.

Bitcoin Cash price begins a fresh surge

After establishing a base above the $315 level, the Bitcoin Cash price began a fresh surge. BCH overtook Bitcoin and Ethereum, gaining over 20%. There has been a clear move above the resistance zone at $350.

The price even crossed $365 and tested the resistance zone at $385. The high was formed near $385.95 and the price is currently correcting the increases. There was a slight move below the $375 level. The price dropped and tested the 23.6% Fib retracement level in an upward move from a low of $318.02 to a high of $385.95.

Bitcoin cash price is currently trading above $365 and the 100-hour elementary moving average. A connecting bullish trend line is also forming on the hourly chart of the BCH/USD pair with support at $355. The trendline is near the 50% Fib retracement level, which is the upward movement from the low of $318.02 to the high of $385.95.

Immediate upside resistance is near the $380 level. A clear move above the $380 resistance could spark a decent rally. The next major resistance is $385, above which the price may accelerate towards the $400 level. Any further increases could push the price towards the $420 resistance zone.

A fresh drop in BCH?

If the Bitcoin Cash price fails to break through the resistance at $380, a fresh decline could begin. Initial downside support is near the $365 level. The next major support is near the $355 level or trend line.

If the price fails to hold above the $355 support, the price may test the $340 support. Any further losses could push the price towards the $332 zone in the near future.

Technical indicators

4-Hour MACD – MACD for BCH/USD is losing momentum in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.

Key support levels – $365 and $355.

Key Resistance Levels – $380 and $385.