Bitcoin Cash Analysis: Fresh Increase Possible If It Clears $105

Bitcoin cash price is climbing above $100 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $105 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $95 level. BCH started a recovery wave and was able to clear the $98 resistance zone.

The price climbed above the $99 and $100 resistance levels. Recently, there was a break above a major bearish trend line with resistance near $100 on the 4-hours chart of the BCH/USD pair. The pair is now trading above the $100 zone and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $104 level. The next major resistance is near the $105 level, above which the price may perhaps rise towards the $110 level. Any more gains above $110 and $112 could set the pace for a move towards the $120 level in the coming days.

An immediate support on the downside is near the $100 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the upward move from the $95 swing low to $104 high.

The first major support sits near the $98 level. It is near the 61.8% Fib retracement level of the upward move from the $95 swing low to $104 high. The next major support is near $95, below which the bears might aim $90. The next target for them may perhaps be near the $88 level.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $100 zone and the 55 simple moving average (4-hours). Overall, the price must clear $104 and $105 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 above the 50 level.

Key Support Levels – $100 and $95.

Key Resistance Levels – $105 and $110.

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