Saturday , November 2 2024
Home / Altcoins / Bitcoin Cash Analysis: Fresh Increase Possible If It Clears $105

Bitcoin Cash Analysis: Fresh Increase Possible If It Clears $105

Summary:
Bitcoin cash is facing barrier near the 5 and 8 resistance levels against the US Dollar. The price is now trading above the 0 zone and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near 0 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase). The pair must clear 4 and 5 to continue higher in the near term. Bitcoin cash price is climbing above 0 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the 5 level. Bitcoin Cash Price Analysis Bitcoin cash price formed a decent support base above the level. BCH started a recovery wave and was able to clear the resistance zone. The price climbed above the and 0 resistance

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Temitope Olatunji writes X Empire Unveils ‘Chill Phase’ Update: Community to Benefit from Expanded Tokenomics

Bhushan Akolkar writes Cardano Investors Continue to Be Hopeful despite 11% ADA Price Drop

Bena Ilyas writes Stablecoin Transactions Constitute 43% of Sub-Saharan Africa’s Volume

Chimamanda U. Martha writes Crypto Exchange ADEX Teams Up with Unizen to Enhance Trading Experience for Users 

  • Bitcoin cash is facing barrier near the $105 and $108 resistance levels against the US Dollar.
  • The price is now trading above the $100 zone and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $100 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $104 and $105 to continue higher in the near term.

Bitcoin cash price is climbing above $100 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $105 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $95 level. BCH started a recovery wave and was able to clear the $98 resistance zone.

The price climbed above the $99 and $100 resistance levels. Recently, there was a break above a major bearish trend line with resistance near $100 on the 4-hours chart of the BCH/USD pair. The pair is now trading above the $100 zone and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $104 level. The next major resistance is near the $105 level, above which the price may perhaps rise towards the $110 level. Any more gains above $110 and $112 could set the pace for a move towards the $120 level in the coming days.

An immediate support on the downside is near the $100 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the upward move from the $95 swing low to $104 high.

The first major support sits near the $98 level. It is near the 61.8% Fib retracement level of the upward move from the $95 swing low to $104 high. The next major support is near $95, below which the bears might aim $90. The next target for them may perhaps be near the $88 level.

Bitcoin Cash Analysis: Fresh Increase Possible If It Clears $105

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $100 zone and the 55 simple moving average (4-hours). Overall, the price must clear $104 and $105 to continue higher in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.

Key Support Levels – $100 and $95.

Key Resistance Levels – $105 and $110.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *