HomeAltcoin NewsBitcoin Cash Analysis: Bulls Eye Recovery To $115

Bitcoin Cash Analysis: Bulls Eye Recovery To $115

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  • Bitcoin cash is attempting a recovery wave above the $100 resistance against the US Dollar.
  • The price is now trading below the $110 zone and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $105 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $106 and $108 to continue higher in the near term.

Bitcoin cash price is consolidating above $100 against the US Dollar, similar to Bitcoin. BCH/USD could start a fresh surge if it clears the $108 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $95 level. BCH started a decent increase and was able to clear the $98 resistance zone.

The price climbed above the $100 and $102 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $116.83 swing high to the $90.82 low. Besides, there was a break above a key bearish trend line with resistance near $105 on the 4-hour chart of the BCH/USD pair.

It is now trading below the $110 zone and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $106 level.

The next major resistance is near the $108 level or the 61.8% Fib retracement level of the downward move from the $116.83 swing high to the $90.82 low, above which the price may perhaps rise toward the $115 level. Any more gains above $115 could set the pace for a move toward the $120 level.

If not, the price might decline again. Immediate support on the downside is near the $102 level. The first major support sits near the $100 level. The next major support is near $95, below which the bears might aim for $90. The next target for them may perhaps be near the $88 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading below the $110 zone and the 55 simple moving average (4 hours). Overall, the price must clear $106 and $108 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 – $102 and $100.

Key Resistance Levels – $108 and $115.

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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