The price of Bitcoin cash started a new upward trend from around the $110 zone when measured against the US Dollar.
The price is currently trading above the 120 zone, where it has been for some time, as well as the 55 simple moving average (4-hours).
On the 4-hour chart of the Bitcoin Cash/United States Dollar pair, there was a break above a key negative trend line that had resistance above $125. (data feed from Coinbase).
In order to go rising in the near term, the pair needs to break above $135 and $135.
Along the same lines as bitcoin, the price of bitcoin cash has recently surpassed $130 versus the US Dollar. If the BCH/USD pair breaks above $135, it may signal the beginning of a new uptrend.
Analysis of the Price of Bitcoin Cash
Above the $110 barrier, the price of bitcoin cash formed a respectable support base. The price of BCH began a new uptrend and was able to break above the $118 resistance zone.
The price moved higher, breaking through the $120 and $122 barriers that had been in its way. On the 4-hour chart of the BCH/USD pair, there was a break above a strong negative trend line that had resistance above $125. This line had been in place for quite some time. The bearish move from the swing high of $148 to the low of $110 was retraced by a Fibonacci threshold of 50%, which was exceeded by the pair.
It is currently trading above the 120 zone of the simple moving average, as well as the 55 level (4-hours). On the other hand, the price appears to be encountering resistance close to the $134 and $135 levels. It is having difficulty trading close to the 61.8% Fib retracement line of the bearish move that began at the swing high of $148 and ended at the low of $110.
Near the level of $134 lies an immediate area of resistance. If the price is able to break through the first significant barrier located close to the $135 level, then it has a chance of moving closer to the $140 level.
If prices continue to rise above $135 and $140, it is possible that they may begin their ascent toward the $150 mark. On the other hand, the price can reverse its recent upward movement and begin a new slide below the $130 mark. The region around the $125 price point acts as an immediate support on the downside.
The next significant support is located close to the level of $120 and the 55 simple moving average for the 4-hour time frame. If this support is broken, the bears may target the level of $110. The next objective that they will likely aim for is somewhere close to the $100 level.
The Price of Bitcoin Cash
Taking a look at the chart, we can see that the price of bitcoin cash is now trading above the 130 dollar mark and the 55 simple moving average (4-hours). In general, the price has to break above $134 and $135 before it can continue to rise in the near future.