• Bitcoin cash is attempting a recovery wave above the $112 resistance against the US Dollar.
• The price must clear $116 and $118 to start a steady upward movement in the near term.
• If not, the price might decline again with first major support at $112 and next major support at $110.
Bitcoin Cash Price Analysis
Bitcoin cash price is rising above $114 against the US Dollar, similar to Bitcoin. BCH/USD could start a fresh surge if it clears the $118 level. There is a key bearish trend line forming with resistance near $116 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase). The pair must clear both $116 and $118 levels to start a steady upward movement in the near term.
On the upside, there is resistance near the $116 level which coincides with a key bearish trend line on 4-hour chart of the BCH/USD pair. The next major resistance is near the $118 level, above which may push bitcoin cash’s price toward higher levels such as around $120 or even further towards its all-time high of around $126.
On downside, immediate support can be found at around at aroundthe$113 level while more significant support lies at around$112 and then again lower down at around$110 should it continue to drop further down. In worst case scenario, if bears take over completely then another target for them may perhaps be nearthe$100 level.
Looking closer into technicals, bitcoin cash’s price is now trading above boththe$114 mark and 55 simple moving average (4 hours). Thus overall, for there to be an uptrend in prices again soon it will have to break through both$116 and 118 levels of resistances first before continuing upwards momentum can occur again.
To conclude this analysis, bitcoin cash’s price is currently trying to recover from its recent dip below 112 resistance against USD and needs to successfully break through 116 and 118 resistances in order for any sort of sustainable uptrend momentum to occur once again in prices as well as potentially reach 140 or even higher levels towards its all time high range of 126 marks if successful enough breakouts occur soon enough from current resistances..