Bitcoin Cash Surges, Breaks Above $130: Here’s What’s Next
Bitcoin Cash Analysis
Bitcoin cash price is currently trading above the $120 support level against the US Dollar. There is a key declining channel forming with resistance near $129 on the 4-hours chart of the BCH/USD pair. The pair must clear $129 and $130 to continue higher in the near term.
Key Points
- Bitcoin cash price: started a decent increase above the $120 and $122 levels against the US Dollar.
- 45 simple moving average (4-hours): There is also a key declining channel forming with resistance near $129 on the 4-hours chart of the BCH/USD pair.
- Next major resistance: Above $135 could set the pace for a move towards the $142 level.
Technical Outlook
Bitcoin cash price formed a decent support base above the $122 level. BCH started a decent increase and was able to clear the $125 resistance zone. A high was formed near $139.80, followed by downside correction below $130. The price declined even declined below the $125 level and formed a low at around 123.42. Currently, it is trading below both$130 and 55 simple moving average (4-hours) levels.
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Uptrend Support Intact
On the upside, Bitcoin cash is facing resistance near at around 129$. If it clears this barrier then there is potential for further gains up to 135$. Any more gains above 135$ could open up upside targets at 142$. On downside, immediate support lies at 125$ followed by 122$. Further down, 115$ may also be seen as crucial support before bullish momentum resumes again.
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Conclusion
Overall, Bitcoin cash looks primed for an upward breakout if it manages to clear 129$ and 130$ resistances in coming sessions.