- Bitcoin cash price started a new increase from the $110 area against the US dollar.
- The price is now trading above the $120 area and the 55 simple moving average (4 hours).
- There was a breakout above the major downtrend line with resistance near $125 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair must cross $135 and $135 to continue rising in the near term.
Bitcoin Cash price rises above $130 against the US dollar, similar to Bitcoin. The BCH/USD pair could start a new high if it crosses the $135 level.
Bitcoin cash price analysis
Bitcoin cash price formed a good support base above the $110 level. The BCH started a new surge and managed to break out of the $118 resistance area.
The price rose above the $120 and $122 resistance levels. There was a breakout above the major downtrend line with resistance near $125 on the 4-hour chart of the BCH/USD pair. The pair has breached the 50% Fib retracement level of the downside move from the $148 swing high to $110.
It is now trading above the $120 area and the 55 simple moving average (4 hours). However, the price appears to be facing hurdles near the $134 and $135 levels. It is struggling near the 61.8% Fib retracement level of the downside move from the $148 swing high to $110.
There is an immediate resistance near the $134 level. The first major resistance is near the $135 level, above which the price may rise towards the $140 level.
Any gains over $135 and $140 could set the pace for a move towards the $150 level. On the contrary, the price may pare the gains and start a new low below the $130 level. There is immediate support on the downside near the $125 area.
The next major support is near the $120 level and the 55 simple moving average (4-hours), which bears may target $110 below. The next target for them may be near the $100 level.
look at me ScheduleBitcoin cash price is now trading above the $130 area and the 55 simple moving average (4 hours). In general, the price must cross $134 and $135 to continue higher in the near term.
4-hour MACD – The MACD for BCH/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The relative strength index of BCH/USD is above the 50 level.
Key support levels – $130 and $125.
Key resistance levels – $135 and $140.
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