- Bitcoin cash is attempting a fresh increase from the $104 zone against the US Dollar.
- The price is now trading above the $110 zone and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $112 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $115 and $118 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 $118 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $104 level. BCH started a recovery wave and was able to clear the $110 resistance zone.
The price climbed above the $112 and $115 resistance levels. It tested the $118 zone and traded as high as $117.36. The price is now correcting gains and trading below $115. There was a move below the 23.6% Fib retracement level of the upward move from the $103 swing low to $118 high.
An immediate support on the downside is near the $112 zone. There is also a major bullish trend line forming with support near $112 on the 4-hours chart of the BCH/USD pair.
The next major support is near the $110 level or the 50% Fib retracement level of the upward move from the $103 swing low to $118 high, below which the bears might aim $106. The next target for them may perhaps be near the $102 level.
On the upside, the price is facing resistance near the $115 level. The next major resistance is near the $118 level, above which the price may perhaps rise towards the $120 level. Any more gains above $118 and $120 could set the pace for a move towards the $130 level in the coming sessions.
Looking at the chart, bitcoin cash price is now trading above the $110 zone and the 55 simple moving average (4-hours). Overall, the price must clear $115 and $118 to continue higher in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is just near the 50 level.
Key Support Levels – $112 and $110.
Key Resistance Levels – $115 and $118.
