- Bitcoin cash started a decent increase above the $120 and $125 resistance levels against the US Dollar.
- The price is now trading above the $125 zone and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $130 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $135 and $138 to continue higher in the near term.
Bitcoin cash price is climbing above $125 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $135 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $115 level. BCH started a recovery wave and was able to clear the $120 resistance zone.
The price climbed above the $122 and $125 resistance levels. The pair is now trading above the $125 zone and the 55 simple moving average (4-hours). The recent surge was such that the price even traded above the $135 level. A high is formed near $138 before there was a minor decline.
There was a move below the 23.6% Fib retracement level of the upward move from the $116 swing low to $138 high. It is now trading above the $125 zone and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $135 level. The next major resistance is near the $138 level, above which the price may perhaps rise towards the $150 level. Any more gains above $150 could set the pace for a move towards the $165 level in the coming days.
An immediate support on the downside is near the $130 level. There is also a major bullish trend line forming with support near $130 on the 4-hours chart of the BCH/USD pair.
The first major support sits near the $128 level. It is near the 50% Fib retracement level of the upward move from the $116 swing low to $138 high. The next major support is near $125, below which the bears might aim $120. The next target for them may perhaps be near the $112 level.
Looking at the chart, bitcoin cash price is now trading above the $125 zone and the 55 simple moving average (4-hours). Overall, the price must clear $135 and $138 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 near the 50 level.
Key Support Levels – $130 and $125.
Key Resistance Levels – $135 and $138.
