Bitcoin Cash Analysis: Fresh Increase Possible If It Clears $105
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.
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.
The post Bitcoin Cash Analysis: Fresh Increase Possible If It Clears $105 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ January 6, 2023 2:38 am