Bitcoin Cash (BCH) Primed For More Gains Above $135
Bitcoin cash price seems to be positioning for an upside break above $135 against the US Dollar. BCH could gain traction if it breaks the key $135 and $138 hurdles.
Bitcoin Cash Price Analysis
Recently, there were volatile moves in bitcoin, ripple, Ethereum, and bitcoin cash against the US Dollar. Earlier, the BCH/USD pair declined after testing the $135 resistance. It dipped below the $130 support and the 55 simple moving average (4-hours). However, the $125 support area acted as a strong hurdle for buyers and later the price rebounded. It broke the $128 resistance and the 55 simple moving average (4-hours). Besides, there was a break above the 50% Fib retracement level of the last decline from the $135 swing high to $124 swing low.
However, the upside move was capped by the $134-135 resistance area. There is also a crucial bearish trend line in place with resistance at $135 on the 4-hours chart of the BCH/USD pair. The pair recently tested the 76.4% Fib retracement level of the last decline from the $135 swing high to $124 swing low. Since the price is placed nicely above the $130 support and the 55 SMA, there are high chances of an upside break above the $135 resistance.
Above $135, the next resistance is near the $138 level. It represents the previous support and the 1.236 Fib extension level of the last decline from the $135 swing high to $124 swing low. The main resistance is at $140, above which the price could climb towards the $150 level. On the downside, there are many supports near the $130 and $128 levels.
Looking at the chart, bitcoin cash price is clearly trading in a positive zone above $130. If buyers succeed in gaining strength above $135, the price is likely to accelerate above $138 and $140 in the coming sessions. On the other hand, a daily close below $125 will likely negate the current bullish view.
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 now well above the 50 level, with a bullish angle.
Key Support Levels – $130 and $128.
Key Resistance Levels – $135 and $138.
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