- Bitcoin cash is attempting a fresh increase from the $88 zone against the US Dollar.
- The price is now trading above the $100 zone and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $98 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $107 and $110 to continue higher in the near term.
Bitcoin cash price is climbing above $100 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $110 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $88 level. BCH started a recovery wave and was able to clear the $95 resistance zone.
The price climbed above the $98 and $100 resistance levels. There was a clear move above the 23.6% Fib retracement level of the downward move from the $126 swing high to $87 low. Besides, there was a break above a major bearish trend line with resistance near $98 on the 4-hours chart of the BCH/USD pair.
The price is now trading above the $100 zone and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $106.50 level.
The 50% Fib retracement level of the downward move from the $126 swing high to $87 low is also near $106.50. The next major resistance is near the $110 level, above which the price may perhaps rise towards the $125 level. Any more gains above $122 and $125 could set the pace for a move towards the $135 level in the coming days.
An immediate support on the downside is near the $100 zone and the 55 simple moving average (4-hours). The next major support is near the $96.20 level, below which the bears might aim $88. The next target for them may perhaps be near the $80 level.
Looking at the chart, bitcoin cash price is now trading above the $100 zone and the 55 simple moving average (4-hours). Overall, the price must clear $107 and $110 to continue higher in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly 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 – $100 and $96.
Key Resistance Levels – $107 and $110.
