In order to continue rising in the near term, the pair needs to break above $120 and $122.
Along the same lines as bitcoin, the price of bitcoin cash has now surpassed $115 when measured against the US Dollar. If the BCH/USD pair breaks over the $122-mark, a new uptrend might get underway.
Analysis of the Price of Bitcoin Cash
Above the $105 barrier, the price of bitcoin cash established a respectable support base. BCH was able to push over the $112 resistance zone as it initiated a recovery wave.
The price moved higher, breaking through the $115 and $118 levels of resistance. It came as close as $122, and its highest price on the market was $122.06. The price has recently been consolidating its gains and is currently trading below $120. The upward movement from the swing low of $102 to the high of $122 experienced a retracement of 23.6% along the Fibonacci scale, and this level was broken.
In the immediate area to the downside, support may be seen close to the area around $116 and the 55-day simple moving average (4-hours). On the 4-hour chart of the BCH/USD pair, there is also an important bullish trend line that is forming, and it is providing support near $115.
The following significant support is located close to the level of $112, which coincides with the 50% Fibonacci retracement level of the upward advance from the swing low of $102 to the high of $122. If this level is broken, the bears may target the level of $105. The next objective that they will likely aim for is somewhere close to the $100 level.
The price is encountering opposition close to the $120 level, which is moving the price upward. The next significant barrier for buyers is located close to the level of $122, and if it is overcome, the price may advance to the level of $135. Any additional advances above $132 and $132 might potentially set the scene for a move towards the $150 level in the coming days.
The Price of Bitcoin Cash
Taking a look at the chart, we can see that the price of bitcoin cash is now trading above the region of $112 and the 55 simple moving average (4-hours). If the price is going to continue climbing in the short term, it has to first break over $120 and then $122.
Technical indicators
4 hour MACD The MACD for BCH/USD is currently in the bullish zone and is gradually picking up speed.
The four-hour relative strength index (RSI) shows that the BCH/USD pair is trading higher than the threshold of 50.
The $115 and $112 Key Support Levels are as follows:
$120 and $122 are two key resistance levels to watch.
Bitcoin Cash and BCH Tags
