Bitcoin Cash Analysis: Bulls Eye Rally Above $145
Bitcoin cash price is climbing above $140 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $145 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $115s level. BCH started a fresh increase and was able to clear the $125 resistance zone.
The price climbed above the $132 and $145 resistance levels. It even broke the $150 level and the 55 simple moving average (4-hours). A high was formed near $160 before there was a downside correction. The price declined below the $145 support zone.
There was a move below the 50% Fib retracement level of the recent wave from the $114 swing low to $160 high. However, the bulls were active near the $130 support zone.
The 61.8% Fib retracement level of the recent wave from the $114 swing low to $160 high acted as a support. An immediate resistance is near the $138 level. There is also a key contracting triangle forming with resistance near $138 on the 4-hours chart of the BCH/USD pair.
The first major resistance is near the $140 level. The main resistance sits near the $145 level. Any more gains above $140 and $145 could set the pace for a move towards the $160 level. If there is a move above the $160 resistance, the price could rise towards the $180 zone.
An immediate support on the downside is near the $132 zone. The next major support is near the $130 level, below which the bears might aim $125. The next target for them may perhaps be near the $120 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading below the $140 zone and the 55 simple moving average (4-hours). Overall, the price must clear $140 and $145 to continue higher in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Key Support Levels – $132 and $130.
Key Resistance Levels – $140 and $145.
Source: Read Full Article
