- Bitcoin cash price started a fresh increase from the $130 zone against the US Dollar.
- The price is now trading above the $140 zone and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $136 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $146 and $150 to continue higher in the near term.
Bitcoin cash price is climbing above $140 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $146 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $130 level. BCH started a fresh increase and was able to clear the $135 resistance zone.
The price climbed above the $132 and $145 resistance levels. It even broke the $140 level and the 55 simple moving average (4-hours). The price surpassed the 23.6% Fib retracement level of the downward move from the $165 swing high to $129 low.
However, the price seems to be facing hurdles near the $145 and $146 levels. It is also struggling near the 50% Fib retracement level of the downward move from the $165 swing high to $129 low.
Besides, it is now trading above the $140 zone and the 55 simple moving average (4-hours). An immediate resistance is near the $145 level. The first major resistance is near the $146 level. The main resistance sits near the $150 level.
Any more gains above $146 and $150 could set the pace for a move towards the $165 level. If there is a move above the $165 resistance, the price could rise towards the $180 zone.
An immediate support on the downside is near the $140 zone. The next major support is near the $135 level, below which the bears might aim $130. The next target for them may perhaps be near the $120 level.
Looking at the chart, bitcoin cash price is now trading above the $140 zone and the 55 simple moving average (4-hours). Overall, the price must clear $146 and $150 to continue higher in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Key Support Levels – $135 and $130.
Key Resistance Levels – $146 and $150.
