• Bitcoin cash price started a recovery wave from the $97 low against the US Dollar.
  • The price is now trading above the $110 zone and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $105 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $118 and $120 to continue higher in the near term.

Bitcoin cash price is recovering above $110 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $120 level.

Bitcoin Cash Price Analysis

Bitcoin cash price made a few attempts to gain strength above $122 and $125. However, BCH failed to gain pace and started a fresh decline below the $110 level.

The price even spiked below the $100 level, but downsides were limited. A low was formed near $97 and the price recently started an upside correction. There was a recovery wave above the $105 and $110 resistance levels. The price climbed above the 50% Fib retracement level of the key decline from the $125 swing high to $97 low.

Besides, there was a break above a major bearish trend line with resistance near $105 on the 4-hours chart of the BCH/USD pair. It is now consolidating losses above the $110 level and the 55 simple moving average (4-hours).

An immediate resistance is near the $114 and $115 levels. It is near the 61.8% Fib retracement level of the key decline from the $125 swing high to $97 low. The first major resistance is near the $120 level. Any more gains above $118 and $120 could set the pace for a move towards the $132 level.

If there is a move above the $132 resistance, the price could rise towards the $150 zone. An immediate support on the downside is near the $108 zone. The next major support is near the $105 level, below which the bears might aim $100. The next target for them may perhaps be near the $92 level.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $110 zone and the 55 simple moving average (4-hours). Overall, the price must clear $118 and $120 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 well above the 50 level.

Key Support Levels – $108 and $105.

Key Resistance Levels – $115 and $120.

Tags: ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.