Bitcoin Cash Surges Above $130: Rally Seems Unstoppable
• Bitcoin cash price 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.
• The pair must clear $140 and $142 to continue higher in the near term.
Bitcoin Cash Analysis
Bitcoin cash price is climbing above $130 against the US Dollar, similar to Bitcoin . BCH/USD could start a fresh surge if it clears the $142 level.
Bitcoin cash price formed a decent support base above the $100 level. BCH started a decent increase and was able to clear the $115 resistance zone. The price climbed above the $120 and $125 resistance levels, eventually spiking as high as $149.56. It is now trading above the$125 zone and the 55 simple moving average (4 hours).
There is also a key rising channel forming with support near $133.00 on the 4-hour chart of the BCH/USD pair. On the upside, there is resistance near at$140.80, and clearing this level could allow for an upward surge toward$150 or even higher towards$160 . Immediate support onthe downside sits at around$133 fromthe trend line, followed by$120 . Below that, there are further supports at around$113 , then potentially at around$105 , before reachingthe ultimate bottomat around$100 .
The MACD for BCH/USD is gaining pace in bullish zone whilethe RSI for BCH/USDisabove 50level which suggests that bulls are still in control of themarketand may pushpricefurther upincoming daysif they can clearresistanceataround 140$.
Overall, bitcoin cashexpected to movehigher ifit can break throughresistanceat around 140$,otherwiseif it fails tobreakthroughthislevelthen it mightfindsupportaround 120$.