• Bitcoin cash is attempting a recovery wave above the $112 resistance against the US Dollar.
• There is a key bearish trend line forming with resistance near $116 on the 4-hour chart of the BCH/USD pair.
• The pair 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 against the US Dollar, with key bearish trend line forming at around $116 on its 4-hour chart. The pair needs to cross past both $116 and $118 for it to begin an upward momentum in the near future.
Current Price Trend
Bitcoin cash price has managed to form a strong support base above the level of $110. It has then gone ahead and cleared past the obstacle of $112, heading closer towards the 50% Fib retracement level from its previous decline between highs of $117.30 and lows of 111.60. Currently, it is trading above both levels of resistance at 114 and 55 SMA (4 hours).
On its upside, there lies another resistive barrier close to 116, along with a key bearish trend line which is situated near 76.4% Fib retracement level from downward move between 117.30 swing high and 111.60 low. Further up lays another significant resistant zone at 118; should this be broken through successfully, it could pave way for an uptrend that could reach as far as 120 before any pullback happens again. Immediate support can be found at 113 while major supports would be 112 followed by 110; if these are breached further downwards then bears may target 102 before possibly aiming for 100 mark next in line as their ultimate goal during this phase of market movement
The MACD (Moving Average Convergence Divergence) indicator for BCH/USD pairing is currently gaining pace within bullish region whereas RSI (Relative Strength Index) value stands just above 50 point mark which signifies we are currently witnessing neutral state within current market behaviour flowchart for said currency pairing..
Key Support & Resistance Levels
Key support levels: 113 & 110 Key resistance levels: 116 & 118