- Bitcoin cash price started a fresh increase from the $110 zone against the US Dollar.
- The price is now trading above the $120 zone and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $125 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $135 and $135 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 $110 level. BCH started a fresh increase and was able to clear the $118 resistance zone.
The price climbed above the $120 and $122 resistance levels. There was a break above a major bearish trend line with resistance near $125 on the 4-hours chart of the BCH/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $148 swing high to $110 low.
It is now trading above the $120 zone and the 55 simple moving average (4-hours). However, the price seems to be facing hurdles near the $134 and $135 levels. It is struggling near the 61.8% Fib retracement level of the downward move from the $148 swing high to $110 low.
An immediate resistance is near the $134 level. The first major resistance is near the $135 level, above which the price may perhaps rise towards the $140 level.
Any more gains above $135 and $140 could set the pace for a move towards the $150 level. Conversely, the price might trim gains and start a fresh decline below the $130 level. An immediate support on the downside is near the $125 zone.
The next major support is near the $120 level and the 55 simple moving average (4-hours), below which the bears might aim $110. The next target for them may perhaps be near the $100 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 $134 and $135 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 $140.
