HomeAltcoin NewsBitcoin Cash Analysis: Fresh Increase Possible Above This Resistance

Bitcoin Cash Analysis: Fresh Increase Possible Above This Resistance

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  • Bitcoin cash gained pace above the $105 and $108 resistance levels 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 $110 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $112 and $114 to continue higher in the near term.

Bitcoin cash price is climbing above $110 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $114 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $100 level. BCH started a recovery wave and was able to clear the $105 resistance zone.

The price climbed above the $107 and $108 resistance levels. Recently, there was a break above a major bearish trend line with resistance near $110 on the 4-hours chart of the BCH/USD pair. The pair is now trading above the $110 zone and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $112 level. It is close to the 50% Fib retracement level of the downward move from the $117 swing high to $107 low.

The next major resistance is near the $114 level or the 61.8% Fib retracement level of the downward move from the $117 swing high to $107 low, above which the price may perhaps rise towards the $120 level. Any more gains above $120 and $122 could set the pace for a move towards the $135 level in the coming days.

An immediate support on the downside is near the $110 level and the 55 simple moving average (4-hours). The first major support sits near the $107 level. The next major support is near $100, below which the bears might aim $95. The next target for them may perhaps be near the $88 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 $112 and $114 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 above the 50 level.

Key Support Levels – $110 and $107.

Key Resistance Levels – $112 and $114.

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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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