Bitcoin Cash BCH sparks light of hope, can it rally to $200 resistance?
The price of Bitcoin Cash (BCH) has sparked a glimmer of hope towards Tether (USDT) as it tries to turn key resistance with its eyes set on $200. The price of Bitcoin Cash in recent weeks has been more gloomy as many altcoins rallied and produced double-digit gains while BCH continues to fluctuate. (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 this area and rose to a price of $130 after showing good signs of recovery in recent weeks.
BCH’s weekly candle closed with bearish sentiment, with the new weekly 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 area. 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 multiple buy orders, the price of BCH can go up after forming a line in a wedge. A breakout and retest for BCH would mean more uptrend.
To confirm the bullish sentiment of BCH, the price must break and form support above the wedge.
The price of BCH has shown strength in maintaining this structure; if bulls move in, the price of BCH could trend higher to the $200 region, acting as key resistance.
BCH is currently trading at $131, just below the 50 Exponential Moving Average (EMA), which equates 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-hour (4H) chart.
The price of BCH has maintained a bullish structure above the 50 and 200 EMA prices, which are equivalent to $130 and $125, acting as resistance and support respectively for the BCH price.
If BCH fails to break and hold above $135, the $125 price will act as a support level and the price may retest the $112 support level if there is a selloff.
Four-hour (4H) resistance for BCH price – $135.
Four-hour (4H) support for BCH price – $125, $112.
Featured Image From Periodico Impulso, Charts From TradingView.com
