Bitcoin Cash Analysis: Key Uptrend Support Intact At $122

Bitcoin cash price is consolidating above $120 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $130 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $122 level. BCH started a decent increase and was able to clear the $125 resistance zone.

The price climbed above the $132 and $125 resistance levels. A high was formed near $139.80. Recently, there was a downside correction below $130. The price declined even declined below the $125 level. A low is formed near $123.42 and the price is now rising.

There was a move above the 23.6% Fib retracement level of the downward move from the $139.80 swing high to $123.43 low. It is now trading below the $130 zone and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $129 level. The next major resistance is near the $130 level. There is also a key declining channel forming with resistance near $129 on the 4-hours chart of the BCH/USD pair, above which the price may perhaps rise towards the $135 level.

Any more gains above $135 could set the pace for a move towards the $142 level. An immediate support on the downside is near the $125 level.

The first major support sits near the $122 level. The next major support is near $115, below which the bears might aim $108. The next target for them may perhaps be near the $102 level.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $130 zone and the 55 simple moving average (4-hours). Overall, the price must clear $129 and $130 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 near the 50 level.

Key Support Levels – $125 and $122.

Key Resistance Levels – $130 and $135.

Source: Read Full Article