Bitcoin Cash Analysis: Bulls Aim $120 or Higher
Bitcoin cash price is recovering above $110 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $120 level.
Bitcoin Cash Price Analysis
Bitcoin cash price made a few attempts to gain strength above $122 and $125. However, BCH failed to gain pace and started a fresh decline below the $110 level.
The price even spiked below the $100 level, but downsides were limited. A low was formed near $97 and the price recently started an upside correction. There was a recovery wave above the $105 and $110 resistance levels. The price climbed above the 50% Fib retracement level of the key decline from the $125 swing high to $97 low.
Besides, there was a break above a major bearish trend line with resistance near $105 on the 4-hours chart of the BCH/USD pair. It is now consolidating losses above the $110 level and the 55 simple moving average (4-hours).
An immediate resistance is near the $114 and $115 levels. It is near the 61.8% Fib retracement level of the key decline from the $125 swing high to $97 low. The first major resistance is near the $120 level. Any more gains above $118 and $120 could set the pace for a move towards the $132 level.
If there is a move above the $132 resistance, the price could rise towards the $150 zone. An immediate support on the downside is near the $108 zone. The next major support is near the $105 level, below which the bears might aim $100. The next target for them may perhaps be near the $92 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 $118 and $120 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 well above the 50 level.
Key Support Levels – $108 and $105.
Key Resistance Levels – $115 and $120.
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