- Bitcoin cash started a decent increase above the $125 and $130 levels against the US Dollar.
- The price is now trading above the $130 zone and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $129.20 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $135 and $142 to continue higher in the near term.
Bitcoin cash price is climbing above $130 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 $120 level. BCH started a decent increase and was able to clear the $125 resistance zone.
The price climbed above the $128 and $130 resistance levels. It even spiked above $133 and traded as high as $134.47. It is now trading above the $130 zone and the 55 simple moving average (4 hours). The current price action is positive, suggesting high chances of more gains.
There is also a key bullish trend line forming with support near $129.20 on the 4-hour chart of the BCH/USD pair. On the upside, the price is facing resistance near the $135 level.
The next major resistance is near the $142 level, above which the price may perhaps rise toward the $150 level. Any more gains above $150 could set the pace for a move toward the $160 level.
Immediate support on the downside is near the $132 level. It is close to the 23.6% Fib retracement level of the upward move from the $122.95 swing low to the $134.47 high. The first major support sits near the $130 level or the trend line.
The trend line is close to the 50% Fib retracement level of the upward move from the $122.95 swing low to the $134.47 high, below which the bears might aim for $125. The next target for them may perhaps be near the $120 level.
Looking at the chart, Bitcoin cash price is now trading above the $130 zone and the 55 simple moving average (4 hours). Overall, the price must clear $135 and $142 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 – $130 and $125.
Key Resistance Levels – $135 and $142.
