Bitcoin Cash Analysis: Fresh rally to $255 | Live Bitcoin News

Bitcoin Cash price is consolidating above $230, with potential for a surge if it clears $242, facing resistance at $238.

Bitcoin Cash (BCH) is currently consolidating gains above $230 against the US Dollar, in contrast to Bitcoin. The price of Bitcoin Cash may see a fresh surge if it manages to clear the $242 level.

After failing to surpass the $262 zone, the price of Bitcoin Cash started a downward correction, reaching a high near $262.96 before experiencing a bearish move. The price then dropped below the $255 and $230 levels, but the bulls are preventing further losses below the $210 support zone. The price formed a low near $212.3 and is now attempting a fresh increase, moving above the $225 level.

Bitcoin Cash is currently trading below the $240 zone and the 55 simple moving average (4 hours). There is a key contracting triangle forming with resistance near $238 on the 4-hour chart of the BCH/USD pair. The next major resistance is near $242, above which the price may start a strong increase. Further gains above $256 could lead to a move toward the $265 level or even $275.

On the downside, immediate support is near the $232 level, with the first major support at $220 and the next major support at $210. If the price fails to clear the $238 and $242 levels, it may start another decline.

In summary, the price of Bitcoin Cash must surpass $238 and $242 to initiate a fresh increase in the near term. The MACD for BCH/USD is losing pace in the bullish zone, and the RSI for BCH/USD is below the 50 level. As the price continues to fluctuate, it remains to be seen whether Bitcoin Cash will be able to break through these key resistance levels and begin a new upward trend.