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HomeAltcoin NewsBitcoin Cash Analysis: Bulls Aim Higher, $150 Possible Target

Bitcoin Cash Analysis: Bulls Aim Higher, $150 Possible Target

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  • 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.

Bitcoin Cash Price
Bitcoin Cash Price

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.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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