RATE Group | Bitcoin Cash Just Broke $350 and $400 Seems Imminent: Here’s Why
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Bitcoin Cash Just Broke $350 and $400 Seems Imminent: Here’s Why

27 Jan Bitcoin Cash Just Broke $350 and $400 Seems Imminent: Here’s Why

Posted at 04:30h in Bitcoin News by

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Bitcoin cash price started a strong rally from $300 and it gained more than 15%, whereas BTC is struggling near $8,700. BCH/USD could continue to rise towards $400 in the near term.

  • Bitcoin cash price is up more than 15% and it broke the $350 resistance area against the US Dollar.
  • The price is showing a lot of positive signs above the $330 level and the 100 SMA (4-hours).
  • There was a break above a major declining channel with resistance near $324 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to accelerate towards $400 if it clears the $365 resistance area.

Bitcoin Cash Price Could Revisit $400

After getting rejected near $405, bitcoin cash price started a strong downside correction. BCH declined nearly $100 before the bulls took a stand near the $300 support.

A swing low is formed near $300 and the price restarted its upward move. It broke a major resistance area near the $320 level and the 100 simple moving average (4-hours) to move into a positive…

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