- Bitcoin cash price started a recovery wave from the $100 zone against the US Dollar.
- The price is now trading above the $115 zone and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $120 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $128 and $130 to continue higher in the near term.
Bitcoin cash price is recovering above $115 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 $100 level. BCH started a recovery wave and was able to clear the $105 resistance zone.
The price climbed above the $110 and $112 resistance levels. It even broke the $120 level and the 55 simple moving average (4-hours). It traded as high as $131.42 before there was a downside correction. There was a move below the $125 support.
However, BCH remained bid above the $118 level. There is also a key bullish trend line forming with support near $120 on the 4-hours chart of the BCH/USD pair. The price is back above the $122 level. There was a move above the 50% Fib retracement level of the recent decline from the $132 swing high to $117 low.
An immediate resistance is near the $128 level. It is near the 76.4% Fib retracement level of the recent decline from the $132 swing high to $117 low.
The first major resistance is near the $130 level. Any more gains above $128 and $130 could set the pace for a move towards the $142 level. If there is a move above the $142 resistance, the price could rise towards the $150 zone.
An immediate support on the downside is near the $122 zone. The next major support is near the $118 level, below which the bears might aim $110. The next target for them may perhaps be near the $100 level.
Looking at the chart, bitcoin cash price is now trading above the $115 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 slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is well above the 50 level.
Key Support Levels – $122 and $118.
Key Resistance Levels – $128 and $130.
