Bitcoin Cash Analysis: Key Breakout Resistance Sits At $120

• Bitcoin cash is attempting a recovery wave above the $115 resistance against the US Dollar.
• The price is now trading near the $118 zone and the 55 simple moving average (4 hours).
• There is a key bearish trend line forming with resistance near $120 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
• The pair must clear $120 and $124 to start a steady upward movement in the near term.

Bitcoin cash price is consolidating above $115 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 formed a decent support base above the $112 level. BCH started a decent increase and was able to clear the $115 resistance zone.

The price climbed above the $116.50 resistance level. There was a move above the 23.6% Fib retracement level of the downward move from the $136.18 swing high to the $111.66 low. It is now trading near the $118 zone and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $120 level. There is also a key bearish trend line forming with resistance near $120 on the 4-hour chart of the BCH/USD pair.

The next major resistance is near the $124 level or the 50% Fib retracement level of the downward move from the $136.18 swing high to the $111.66 low, above which the price may perhaps rise toward the $130 level. Any more gains above $130 could set the pace for a move toward the $138 level.

If not, the price might decline again. Immediate support on the downside is near the $115 level. The first major support sits near the $112 level. The next major support is near $110, below which the bears might aim for $102. The next target for them may perhaps be near the $100 level.

Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading near the $118 zone and the 55 simple moving average (4 hours). Overall, the price must clear $120 and $124 to continue higher in the near term.

Technical indicators

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 – $115 and $112.

Key Resistance Levels – $120 and $124.

Tags: BCH, Bitcoin Cash