• Bitcoin cash started a decent increase above the $115 and $120 levels against the US Dollar.
• There is a key bullish trend line forming with support near $126.80 on the 4-hours chart of the BCH/USD pair.
• The pair must clear $132 and $138 to continue higher in the near term.
Bitcoin Cash Analysis
Bitcoin cash started a decent increase above the $115 and $120 levels against the US Dollar, forming a key bullish trend line with support near $126.80 on the 4-hours chart of the BCH/USD pair.
Price Overview
The price is now trading above the $120 zone and the 55 simple moving average (4-hours). An immediate support on the downside is near the $127 level, followed by major support around at $120 level. On upside, there are resistance levels at around at $132 and then another strong resistance at around at$138 level.
Moving Averages
The 4 hours MACD for BCH/USD is gaining pace in bullish zone while RSI for BCH/USD is above 50 mark which indicates positive sentiment in market .
Key Support & Resistance Levels
The key support levels are placed at 126 & 120 while on upside 132 & 138 are viewed as important resistances .
Conclusion
To continue higher in near term, Bitcoin cash needs to clear both resistances of 132 and 138. Any more gains above 145 could set pace for move towards 150 level.