- Bitcoin cash price started a fresh increase from the $112 zone 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 bearish trend line forming with resistance near $133 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $133 and $135 to continue higher in the near term.
Bitcoin cash price is climbing above $125 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $135 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $112 level. BCH started a fresh increase and was able to clear the $120 resistance zone.
The price climbed above the $122 and $125 resistance levels. It even broke the $130 level and the 55 simple moving average (4-hours). The price surpassed the 50% Fib retracement level of the downward move from the $149 swing high to $112 low.
It is now trading above the $125 zone and the 55 simple moving average (4-hours). However, the price seems to be facing hurdles near the $134 and $135 levels. It is struggling near the 61.8% Fib retracement level of the downward move from the $149 swing high to $112 low.
There is also a key bearish trend line forming with resistance near $133 on the 4-hours chart of the BCH/USD pair. An immediate resistance is near the $133 level. The first major resistance is near the $135 level. The main resistance sits near the $140 level.
Any more gains above $135 and $140 could set the pace for a move towards the $155 level. If there is a move above the $155 resistance, the price could rise towards the $170 zone.
An immediate support on the downside is near the $125 zone. The next major support is near the $120 level, below which the bears might aim $112. The next target for them may perhaps be near the $105 level.
Looking at the chart, bitcoin cash price is now trading above the $125 zone and the 55 simple moving average (4-hours). Overall, the price must clear $133 and $135 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 – $125 and $120.
Key Resistance Levels – $135 and $140.
