• Bitcoin Cash is attempting a recovery above the $115 resistance against the US Dollar.
• There is a key bearish trend line forming with resistance near $120 on the 4-hour chart of the BCH/USD pair.
• The price must clear $120 and $124 to start a steady upward movement in the near term.
Bitcoin Cash Analysis
Bitcoin cash is attempting a recovery wave above the $115 resistance against the US Dollar. The price is now trading near the $118 zone and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $120 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
Price Movement
Bitcoin cash price formed a decent support base above the $112 level. BCH started a decent increase and was able to clear the $115 resistance zone. The price climbed above the $116.50 resistance level. There was a move above the 23.6% Fib retracement level of the downward move from
