Bitcoin Cash Analysis: Bulls Aim Higher Above $135

BTC Cash Analysis

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Categories: Bitcoins Cryptocurrency

Bitcoin Cash Analysis: Bulls Aim Higher Above $135

Bitcoin cash price started a fresh increase from the $110 zone against the US Dollar.The price is now trading above the $120 area and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near $125 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase). The pair must clear $135 and $135 to continue higher in the short term. Bitcoin cash price is trading higher above $130 against the US Dollar in a similar fashion to bitcoin.

Bitcoin Cash Price Analysis

Bitcoin cash price is forming a good support base above the $110 level. BCH started a fresh rise and was able to clear the $118 resistance area. The price climbed above the $120 and $122 resistance levels. There was a break above a major bearish trend line with resistance near $125 on the 4-hours chart of the BCH/USD pair.

The pair crossed the 50% Fibonacci retracement level of the downside from the swing high of $148 to low of $110. It is now trading above the $120 area and the 55 simple moving average (4-hours). However, the price is facing a hurdle near the $134 and $135 levels. It is struggling with a downside bias from the $148 high to $110 low near the 61.8% Fib retracement level of the move.

Any further gains above the $135 and $140 levels could set the pace for a move towards the $150 level. Conversely, the price could reverse gains and start a fresh decline below the $130 level. On the downside, immediate support is near the $125 area. The next major support is near the $120 level and the 55 simple moving average (4-hours), below which the bears are likely to target the $110 level.The next target for them might be near the $100 level.

Bottom Line

Bitcoin cash price is now trading above the $130 area and the 55 simple moving average (4-hours). Overall, the price should clear $134 and $135 to continue higher in the near term.

 

Bitcoin cash price, Bitcoin, BCH, BCH/USD pair, Fibonacci, US Dollar, Cash Analysis, cryptocurrency

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