Bitcoin Cash Among Top Performers in Recent Run Up The two Bitcoin forks are

[bitcoincash]

Key Takeaways

• Bitcoin Cash is up 70% in the past 10 days.
• BCH appears to be breaking above resistance suggesting a move up to $280.

Bitcoin Cash and Bitcoin SV are among the top performers in the recent run-up seen across the entire cryptocurrency industry. Now, these cryptocurrencies sit at a pivotal point that could decide where they are headed next.

Bitcoin Cash Slices Through Resistance

After peaking at a high of nearly $500, Bitcoin Cash plummeted over 70% to hit a low of $134 in mid-March. The significant sell-off appears to have been stopped by the 78.6% Fibonacci retracement level. This major level of support served as a rebound zone pushing BCH up over 80%.

Now that this cryptocurrency moved up to test the resistance given by the 61.8% Fibonacci retracement level, it could either get rejected by this hurdle or break through it.

A rejection off resistance could see Bitcoin Cash move back to the $168 support level before it tries to break through the $243 barrier again.

Meanwhile, breaking through the 61.8% Fibonacci retracement level could increase the odds for a further advance to the next levels of resistance that are presented by the 50% and 38.2% Fibonacci retracement level. These levels of resistance sit at $295.5 and $348, respectively.

Moving above the 100-four-hour MA, for instance, could trigger a spike in demand that allows BCH to surge to the 200-four-hour MA, which is also where the 50% Fibonacci retracement level sits. Conversely, breaking below 50-four-hour MA could see it retest the 78.6% Fibonacci retracement level for support as mentioned before.

IntoTheBlock’s “In/Out of the Money Around Current Price” statistical model estimates that Bitcoin Cash is currently slicing through the most significant level of resistance where over 25,000 addresses are holding nearly 800,000 BCH.

Above this area there is not any major supply barrier between the until the 200-four-hour MA or 50% Fibonacci retracement level. This open space adds credence to the bullish outlook, suggesting that an upswing to $280 could be in the works.