• Bitcoin cash price is trading above the $114 zone and the 55 simple moving average (4 hours).
• There is a key bearish trend line forming with resistance near $116 on the 4-hour chart of the BCH/USD pair.
• The price must clear $116 and $118 to start a steady upward movement in the near term.
Bitcoin Cash Analysis
Bitcoin cash is attempting a recovery wave above the $112 resistance against the US Dollar. The price is now trading above the $114 zone and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $116 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase). The pair must clear $116 and $118 to start a steady upward movement in the near term.
Price Analysis
Bitcoin cash price formed a decent support base above the $110 level. BCH started a decent increase and was able to clear the $112 resistance zone. The price climbed above the $114 resistance level. There was a move above the 50% Fib retracement level of the downward move from the $117.30 swing high to the 11160 low. It is now trading above 114 zone and 55 simple moving average (4 hours). On upside, there is resistance near 116 level along with key bearish trend line forming with resistance near 116 on 4-hour chart of BCH/USD pair.The next major resistance sits at 118 level, after which it may rise towards 120 level if successful in crossing 118 levels.If not then it’s likely to decline again towards 113 or 110 levels as immediate support for downside direction .The next major support lies at 112 levels below which bears may aim for 102 or 100 levels as their target prices for downside direction .
Technical Indicators
Looking at technical indicators ,the MACD for BCH/USD gaining pace in bullish zone while RSI for BCH/USD being aboves50 level .
Key Support Levels
$113,$110
Key Resistance Levels
$116,$118