• Bitcoin cash started to increase above the $115 and $120 levels against the US Dollar.
• There is a key rising channel forming with support near $133.00 on the 4-hour chart of the BCH/USD pair.
• The price must clear $140 and $142 to continue higher in the near term.
Bitcoin Cash Analysis: Rally Seems Unstoppable Above $130
Bitcoin cash price has started a strong increase above the $115 and $120 levels against the US Dollar. There is a key rising channel forming with support near $133.00 on the 4-hour chart of the BCH/USD pair, indicating further upside potential. If Bitcoin cash clears the resistance at $140 and $142, it could start a fresh surge towards higher levels in the near term.
Technical Analysis
Bitcoin cash price formed a decent support base above the psychological level of $100 before starting an upward move. It broke through multiple resistances such as at $115, $120, and even managed to spike above 145 dollars before settling around 130 dollars. Currently, there is a key rising channel forming with support near 133 dollars on its 4-hour chart which signals further upside potential for BCH/USD pair in coming days if it manages to break past 140 and 142 dollar resistance levels..
Upside Potential
On the upside, if Bitcoin cash manages to break past 140 dollar resistance level then it could potentially open up new avenues for bulls as they target 150 dollar mark next which could lead to more gains above 160 dollars in coming days or weeks depending upon market conditions..
Downside Risk
On downside immediate support can be seen near 133 dollars which is trend line of rising channel mentioned earlier, while lower supports are visible at 120 bucks followed by 113 dollar mark where 50% Fibonacci retracement level lies from 90 dollar swing low to 149 high while 61% Fibonacci retracement level also lies nearby at 113 bucks only making this area more important from short term perspective..
The last major support sits around 100 dollar mark which could be tested over time but chances are less likely due to present bullish momentum within market..
Conclusion
Overall Bitcoin Cash price looks positive trading above 130 dollars along with 55 moving average (4 hours) signaling further upside potential in coming days if 140 – 142 resistance gets broken easily with good volume . On downside immediate supports lies between 120 – 113 bucks while last major support lies around 100 bucks making it difficult for bears to push prices below 100 marks anytime soon .