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HomeAltcoin NewsBitcoin Cash Analysis: Rally Seems Unstoppable above $130

Bitcoin Cash Analysis: Rally Seems Unstoppable above $130

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  • Bitcoin cash started a strong increase above the $115 and $120 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 $133.00 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $140 and $142 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 $100 level. BCH started a decent increase and was able to clear the $115 resistance zone.

The price climbed above the $120 and $125 resistance levels. It even spiked above $145 and traded as high as $149.56. It is now trading above the $125 zone and the 55 simple moving average (4 hours). The current price action is positive, suggesting high chances of more gains.

There is also a key rising channel forming with support near $133.00 on the 4-hour chart of the BCH/USD pair. On the upside, the price is facing resistance near the $140.80 level.

The next major resistance is near the $142 level, above which the price may perhaps rise toward the $150 level. Any more gains above $150 could set the pace for a move toward the $160 level.

Immediate support on the downside is near the channel trend line at $133.00. The first major support sits near the $120 level. It is close to the 50% Fib retracement level of the upward move from the $90.77 swing low to the $149.56 high.

The next support is near the $113 level or the 61.8% Fib retracement level of the upward move from the $90.77 swing low to the $149.56 high, below which the bears might aim for $105. The next target for them may perhaps be near the $100 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 $140 and $142 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 – $133 and $120.

Key Resistance Levels – $140 and $142.

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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