- Bitcoin cash started a decent increase above the $122 and $124 levels against the US Dollar.
- The price is now trading above the $125 zone and the 55 simple moving average (4 hours).
- There is a key rising channel forming with support near $124.50 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $128.20 and $130 to continue higher in the near term.
Bitcoin cash price is consolidating above $124 against the US Dollar, similar to Bitcoin. BCH/USD could start a fresh surge if it clears the $130 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $117 level. BCH started a decent increase and was able to clear the $120 resistance zone.
The price climbed above the $122 and $124 resistance levels. There was a move above the 23.6% Fib retracement level of the downward move from the $139.80 swing high to the $116.77 low. It is now trading above the $124 zone and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $128.20 level. It is near the 50% Fib retracement level of the downward move from the $139.80 swing high to the $116.77 low.
The next major resistance is near the $130 level, above which the price may perhaps rise toward the $135 level. Any more gains above $135 could set the pace for a move toward the $140 level. If not, the price might decline again.
Immediate support on the downside is near the $125 level. There is also a key rising channel forming with support near $124.50 on the 4-hours chart of the BCH/USD pair.
The first major support sits near the $122 level. The next major support is near $118, below which the bears might aim for $110. The next target for them may perhaps be near the $105 level.
Looking at the chart, Bitcoin Cash’s price is now trading above the $124 zone and the 55 simple moving average (4 hours). Overall, the price must clear $128 and $130 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 below the 50 level.
Key Support Levels – $125 and $122.
Key Resistance Levels – $128 and $130.
