• Bitcoin cash price is climbing above $130 against the US Dollar, similar to Bitcoin.
• There is a key rising channel forming with support near $133.00 on the 4-hour chart of the BCH/USD pair.
• The pair must clear $140 and $142 to continue higher in the near term.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $100 level. BCH started a decent increase and was able to clear the $115 resistance zone. The price climbed above the $120 and $125 resistance levels and even spiked above $145, trading as high as $149.56. It is now trading above the $125 zone and the 55 simple moving average (4 hours).
The current price action is positive, suggesting high chances of more gains. There is also a key rising channel forming with support near $133.00 on the 4-hour chart of the BCH/USD pair. On the upside, the price is facing resistance near the $140.80 level, while immediate support on the downside is near at channel trend line at 133$. The first major support sits near at 50% Fib retracement level of upward move from 90$ swing low to 149$ high which lies around 120$. Any more gains above 150$ could set pace for move towards 160$.
Resistance & Support Levels
Upside: Resistance at 140$. Further major resistance lies at 142$. Downside: Immediate support along rising channel trendline at 133$. Major supports lies around 120$, 113% (61.8% Fib retracement)& 100$ levels respectively .
Overall, Bitcoin cash price needs to break past 140$ & 142$ resistances in order to continue its bullish momentum and target 160$ mark in short-term period . On downside , any break below 133$, will invalidate further potential uptrend & may extend losses towards 120$,113%, 100$ levels respectively .