HomeAltcoin NewsBitcoin Cash Analysis: Increase To $160 Seems Likely

Bitcoin Cash Analysis: Increase To $160 Seems Likely

-

  • 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 $132 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $145 and $150 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 $142 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $125 level. BCH started a decent increase and was able to clear the $130 resistance zone.

The price climbed above the $132 and $135 resistance levels. The pair is now trading above the $130 zone and the 55 simple moving average (4-hours). The recent surge was such that the price even traded above the $140 level. A high is formed near $143 and the price is now correcting gains.

There was a test of the 50% Fib retracement level of the upward move from the $127.55 swing low to $143.12 high. An immediate support on the downside is near the $135 level.

There is also a key bullish trend line forming with support near $132 on the 4-hours chart of the BCH/USD pair.  The trend line is near the 76.4% Fib retracement level of the upward move from the $127.55 swing low to $143.12 high

The first major support sits near the $130 level. The next major support is near $128, below which the bears might aim $122. The next target for them may perhaps be near the $120 level.

On the upside, the price is facing resistance near the $140 level. The next major resistance is near the $145 level, above which the price may perhaps rise towards the $150 level. Any more gains above $150 could set the pace for a move towards the $160 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 $145 and $150 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 – $132 and $128.

Key Resistance Levels – $145 and $150.

FOLLOW US

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.

Upcoming Events

Most Popular