Bitcoin Cash Analysis: Can Bulls Clear This Key Hurdle?

Bitcoin cash is attempting a fresh increase from the $102 zone against the US Dollar.
The price is now trading below the $115 zone and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $112 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
The pair must clear $112 and $115 to continue higher in the near term.

Bitcoin cash price is climbing above $110 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $115 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $102 level. BCH started a recovery wave and was able to clear the $108 resistance zone.

The price climbed above the $110 and $112 resistance levels. The pair surpassed the 38.2% Fib retracement level of the downward move from the $123 swing high to $102 low. It is still trading below the $115 zone and the 55 simple moving average (4-hours).

The price seems to be facing hurdles near the $112 level. There is also a major bearish trend line forming with resistance near $112 on the 4-hours chart of the BCH/USD pair.

The next major resistance is near the $115 level. It is close to the 61.8% Fib retracement level of the downward move from the $123 swing high to $102 low, above which the price may perhaps rise towards the $120 level. Any more gains above $120 and $122 could set the pace for a move towards the $130 level.

Conversely, the price might trim gains and start a fresh decline below the $110 level. 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 $102. The next target for them may perhaps be near the $100 level.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $115 zone and the 55 simple moving average (4-hours). Overall, the price must clear $112 and $115 to continue higher in the near term.