The price of #bitcoin Cash is currently on the rise, surpassing $120 against the US Dollar, much like its predecessor, Bitcoin. If BCH/USD manages to surpass the $132 level, it could potentially initiate a new surge.
Bitcoin Cash's price has established a solid support base above the $105 level, which has allowed for a significant increase in value. As a result, BCH has successfully cleared the $115 resistance zone.
The coin value has surged past significant resistance levels of $120 and $125, reaching a high of $136.67 after a spike above $132. However, there has been a recent correction, with the price dropping below $130 and the 23.6% Fib retracement level. Despite this, the pair is currently trading above the $127 zone and the 100-hour simple moving average.
#BCH is currently encountering a barrier at the $132 level. The subsequent significant obstacle is anticipated to be at the $138 level, surpassing which the price may potentially escalate towards the $145 level. If the price continues to surge beyond $145, it could potentially pave the way for a significant move towards the $150 level.
The BCH/USD pair is currently experiencing a downward trend, with an immediate support level at $127. However, there is a glimmer of hope for the bulls as a key bullish trend line is forming with support at $126.80 on the 4-hour chart. The first major support level is at $120, which coincides with the 50% Fib retracement level of the upward move from the $105.05 swing low to $136.67 high. If the bears manage to break through this level, the next major support level is at $118, and if they continue to push, they may aim for $112. The ultimate target for the bears is at $105.
KEY LEVELS :
RESISTANCE LEVEL : $132-$136
SUPPORT LEVEL : $126-$122
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research and assess the risks involved before investing in any market.
