Recently, there was an upside correction in bitcoin cash above the $200.00 resistance area. BCH to USD is currently consolidating gains and it could attempt more gains above $230.00 and $240.00.

This week, there was a decent recovery wave in BTC, bitcoin cash price, ethereum and XRP. BCH/USD remained well bid and it climbed above the $200.00 resistance to move into a positive zone.

Looking at the 2-hours chart, bitcoin cash price even broke the $210.00 resistance area and settled above the 50 simple moving average (2-hours, purple). It traded as high as $231.11 before starting a downside correction.

There was a break below the $225.00 level and the 23.6% Fib retracement level of the upward move from $197.11 to $231.11. However, the price remained well bid above the $214.00 and $215.00 levels.

More importantly, bitcoin cash price is following a strong bullish trend line with support at $217.10 on the same chart. The 50% Fib retracement level of the upward move from $197.11 to $231.11 is also acting as a support.

It seems like the price is holding the $220.00 area and the 50 simple moving average (2-hours, purple). If there is a downside break below the $220.00 and $217.00 levels, the price is likely to accelerate lower in the near term.

The next major support is seen near the $200.00 area. Conversely, bitcoin cash price could continue to rise and it could attempt an upside break above the $230.00 and $231.00 levels. If there is a clear break above $231.00, the next stop for the bulls could be near the $245.80 level.

Any further gains may perhaps lead BCH price towards the $255.00 and $260.00 levels in the near term. Overall, the current price action is positive and BCH might rise towards $255.00.

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