Bitcoin Cash Analysis: Rally Could Extend Above $125
Bitcoin cash price is climbing above $112 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $125 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $100 level. BCH started a recovery wave and was able to clear the $105 resistance zone.
The price climbed above the $108 and $110 resistance levels. The pair is now trading above the $115 zone and the 55 simple moving average (4-hours). The recent surge was such that the price even traded above the $120 level. A high is formed near $125 before there was a minor decline.
There was a move below the 23.6% Fib retracement level of the upward move from the $105 swing low to $125 high. It is now trading above the $110 zone and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $122 level. The next major resistance is near the $125 level, above which the price may perhaps rise towards the $140 level. Any more gains above $140 could set the pace for a move towards the $150 level in the coming days.
An immediate support on the downside is near the $118 level. The first major support sits near the $115 level. It is near the 50% Fib retracement level of the upward move from the $105 swing low to $125 high. The next major support is near $110, below which the bears might aim $105. The next target for them may perhaps be near the $100 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading above the $110 zone and the 55 simple moving average (4-hours). Overall, the price must clear $122 and $125 to continue higher in the near term.
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 – $118 and $115.
Key Resistance Levels – $122 and $125.
Source: Read Full Article