- 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 $132 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $145 and $150 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 $142 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $125 level. BCH started a decent increase and was able to clear the $130 resistance zone.
The price climbed above the $132 and $135 resistance levels. The pair is now trading above the $130 zone and the 55 simple moving average (4-hours). The recent surge was such that the price even traded above the $140 level. A high is formed near $143 and the price is now correcting gains.
There was a test of the 50% Fib retracement level of the upward move from the $127.55 swing low to $143.12 high. An immediate support on the downside is near the $135 level.
There is also a key bullish trend line forming with support near $132 on the 4-hours chart of the BCH/USD pair. The trend line is near the 76.4% Fib retracement level of the upward move from the $127.55 swing low to $143.12 high
The first major support sits near the $130 level. The next major support is near $128, below which the bears might aim $122. The next target for them may perhaps be near the $120 level.
On the upside, the price is facing resistance near the $140 level. The next major resistance is near the $145 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 $160 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 $145 and $150 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 – $132 and $128.
Key Resistance Levels – $145 and $150.
