HomeAltcoin NewsBitcoin Cash (BCH) Poised To Climb Above $150 and $160

Bitcoin Cash (BCH) Poised To Climb Above $150 and $160

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  • Bitcoin cash price surged higher after forming a support base near the $120 level against the US Dollar.
  • The price climbed above the $130 and $140 resistance levels before sellers appeared near $150.
  • There is a short term bearish trend line formed with resistance at $143 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to break the $143 and $145 resistance levels to start a fresh rally in the near term.

Bitcoin cash price settled above the key $130 and $134 resistance levels against the US Dollar. BCH is currently correcting lower, but it could resume its rise above $150 and $160.

Bitcoin Cash Price Analysis

After forming a support base, bitcoin, ripple, Ethereum, and bitcoin cash rallied against the US Dollar. The BCH/USD pair started a solid upward move from the $120 support area and climbed above $130. During the rise, the price broke a crucial bearish trend line with resistance at $122 on the 4-hours chart. It opened the doors for a sharp rally above the $130 resistance and the 55 simple moving average (4-hours). Buyers gained momentum and the price surged above the $140 and $142 resistances. The price even tested the $150 resistance before it started a downside correction.

It moved below the $145 level and the 23.6% Fib retracement level of the last wave from the $119 low to $150 high. However, the $138-140 zone is currently acting as a support. The next key support is near the $135 level. Moreover, the 50% Fib retracement level of the last wave from the $119 low to $150 high is also near the $135 level. If the price continues to move down, it could test the main support at $131 and the 55 simple moving average (4-hours).

On the other hand, an initial resistance is near the $143 level. There is also a short term bearish trend line formed with resistance at $143 on the same chart. Therefore, a successful break above the trend line and $145 may perhaps clear the path for more gains. In the stated case, the price is likely to climb above the $150 and $154 resistance levels.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price is clearly trading in a bullish zone above $135. There may be short term dips, but as long as the price is above $132, it could bounce back.

Technical indicators

4 hours MACD – The MACD for BCH/USD is currently placed slightly in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD tested the 50 level and moved higher, with a positive angle.

Key Support Levels – $138 and $135.

Key Resistance Levels – $145 and $150.

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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