Bitcoin Cash Price Up 15%. Is This Just the Beginning of Further Growth?

Bitcoin Cash price has started a substantial rally above the $320 resistance. BCH is consolidating and could aim for bigger gains above the $350 resistance.

Bitcoin Cash price has once again risen above $330.
The price remains above $335 and the 100-hour elementary moving average.
On the hourly chart of the BCH/USD pair (data from Kraken), a bullish flag formation is forming with resistance at USD 345.
The pair could start another uptrend if it breaks through the USD 350 resistance zone.

Bitcoin Cash price begins fresh growth

After forming a base above the $305 level, Bitcoin Cash price began a fresh rally. BCH outpaced Bitcoin and Ethereum, gaining over 15%. It clearly moved above the $320 resistance zone.

The price even broke above $335 and tested the $350 resistance zone. A high formed near $349.73 and the price is currently correcting gains. There was a miniature move below the $345 level. The price fell below the 23.6% Fibonacci retracement level of the upside move from the $306.92 swing low to the $349.73 high.

Bitcoin Cash price is currently trading above $335 and the 100-hour elementary moving average. Immediate resistance on the upside is near the $345 level. A bullish flag pattern is also forming on the hourly chart of the BCH/USD pair with resistance at $345.

A clear move above the $345 resistance could kick off a decent rally. The next major resistance is near $350, above which the price could accelerate towards the $362 level. Any further gains could take the price towards the $380 resistance zone.

Fresh drop in BCH?

If Bitcoin Cash price fails to break through the $345 resistance, it could begin a fresh decline. The first support on the downside is near the $335 level. The next major support is near the $328 level or the 50% Fibonacci retracement level of the uptrend from the $306.92 swing low to the $349.73 peak.

If the price fails to sustain above the $328 support, the price could test the $320 support. Any further losses could take the price towards the $305 zone in the near future.

Technical indicators

4-hour MACD – MACD for BCH/USD is gaining momentum in the bearish zone.

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

Key support levels – $335 and $328.

Key resistance levels – $345 and $350.