Bitcoin Cash BCH Sparks Light Of Hope, Can It Rally To $200 Resistance?
The price of Bitcoin Cash (BCH) has sparked a glimpse of hope against Tether (USDT) as it attempts to flip key resistance with eyes set on $200. The price of Bitcoin Cash in recent weeks has been more gloomy as many altcoins rallied and produced gains of double digits while BCH continues to range. (Data from Binance)
Bitcoin Cash (BCH) Price Analysis On The Weekly Chart
From the chart, the price of BCH saw a weekly low of $112, which bounced from that area and rallied to a price of $130 after showing great recovery signs in recent weeks.
BCH’s weekly candle closed with bearish sentiment, with the new week’s candle looking bullish, showing signs of strength after rejection from $135.
The price has struggled to gain traction as it attempts to hold key support.
If the price of BCH on the weekly chart maintains this structure, it could quickly return to $135 and form support above this range. To avoid falling below, the price of BCH must break and hold this support zone.
Weekly resistance for the price of BCH – $135.
Weekly support for the price of BCH – $112.
Price Of BCH On The Daily (1D) Chart
With more buy orders, the price of BCH could break to the upside after forming a range in a wedge. A breakout and retest for BCH would mean more uptrend.
To confirm the bullish sentiment of BCH, the price needs to break and form support above the wedge.
The price of BCH has shown strength in maintaining this structure; if bulls step in, the price of BCH could trend higher to a region of $200, acting as key resistance.
BCH is currently trading at $131, just below the 50 Exponential Moving Average (EMA), which corresponds to a price of $135.
On the daily chart, the Relative Strength Index (RSI) for the price of BCH is above 50, indicating buy orders.
Daily (1D) resistance for BCH price – $135.
Daily (1D) support for BCH price – $112.
Price Analysis Of BCH On The Four-Hourly (4H) Chart
The price of BCH has maintained a bullish structure above the 50 and 200 EMA prices, which correspond to $130 and $125, acting as resistance and support, respectively, for BCH price.
If BCH fails to break and hold above $135, the price at $125 will act as a support level, and the price may retest the $112 support level if there are sell-off.
Four-Hourly (4H) resistance for BCH price – $135.
Four-Hourly (4H) support for BCH price – $125, $112.
Featured Image From Periodico Impulso, Charts From TradingView.com