Bitcoin Cash price is trading in a positive zone above the $ 250 support against the US Dollar.
BCH price broke a major barrier at $ 255 and is now showing further signs of bullishness. There was a break above the key triangle model formed around $ 255 on the 4-hour chart of the BCH / USD pair. According to the Bitcoin Cash analysis and price estimate, BCH price is expected to rise towards the $ 270 and $ 280 resistance levels in the near term.
After a downside correction, Bitcoin Cahs price found support near the $ 245 region. BCH price fell to $ 246 and recently launched a new increase. It broke the $ 250 resistance and remained above the 100 simple moving average (4 hours).
There was a break above the 50% Fib retracement level of the lowest move between $ 263 and $ 246. More importantly, there was a break above the key contract triangle with resistance near $ 255 on the 4-hour chart of the BCH / USD pair.
On the positive side, the Bitcoin Cash price forecast has dropped from $ 263 to $ 246 before, now trading above the 61.8% Fib retracement level. In this case, it seems that the price of Bitcoin Cash will continue above the $ 260 level. The initial resistance is near the $ 268 level, if the price exceeds the $ 268 resistance, it is likely to rise towards the $ 270 and $ 280 resistance levels in the near term.
Negative comment for Bitcoin Cash price prediction may find support at $ 252 or $ 250 near the triangular low trend line if the BCH price sees correction in the short term. The main support now occurs near the $ 248 region and 100 simple moving averages (4 hours). A sharp drop may start at a close below the $ 248 support and below the 100 SMA, and the price may revisit the $ 230 support zone at the next targets.
