- Bitcoin cash is attempting a fresh increase from the $102 zone against the US Dollar.
- The price is now trading below the $115 zone and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $112 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $112 and $115 to continue higher in the near term.
Bitcoin cash price is climbing above $110 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $115 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $102 level. BCH started a recovery wave and was able to clear the $108 resistance zone.
The price climbed above the $110 and $112 resistance levels. The pair surpassed the 38.2% Fib retracement level of the downward move from the $123 swing high to $102 low. It is still trading below the $115 zone and the 55 simple moving average (4-hours).
The price seems to be facing hurdles near the $112 level. There is also a major bearish trend line forming with resistance near $112 on the 4-hours chart of the BCH/USD pair.
The next major resistance is near the $115 level. It is close to the 61.8% Fib retracement level of the downward move from the $123 swing high to $102 low, above which the price may perhaps rise towards the $120 level. Any more gains above $120 and $122 could set the pace for a move towards the $130 level.
Conversely, the price might trim gains and start a fresh decline below the $110 level. An immediate support on the downside is near the $108 zone.
The next major support is near the $105 level, below which the bears might aim $102. The next target for them may perhaps be near the $100 level.
Looking at the chart, bitcoin cash price is now trading below the $115 zone and the 55 simple moving average (4-hours). Overall, the price must clear $112 and $115 to continue higher in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Key Support Levels – $108 and $105.
Key Resistance Levels – $112 and $115.
