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Bitcoin Cash Analysis: Dips Turn Attractive Near $1402 min read

Jul 29, 2022 2 min

Bitcoin Cash Analysis: Dips Turn Attractive Near $1402 min read

Reading Time: 2 minutes

Bitcoin cash price started a fresh increase from the $112 zone against the US Dollar.
The price is now trading above the $140 zone and the 55 simple moving average (4-hours).
There was a break above a key rising channel with resistance near $140 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
The pair must clear $160 and $165 to continue higher in the near term.

Bitcoin cash price is climbing above $140 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh surge if it clears the $160 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $112 level. BCH started a fresh increase and was able to clear the $120 resistance zone.

The price climbed above the $130 and $132 resistance levels. There was a break above a key rising channel with resistance near $140 on the 4-hours chart of the BCH/USD pair. It even broke the $150 level and the 55 simple moving average (4-hours).

It traded as high as $159.42 and is currently consolidating gains. There was a move below the $155 support. The pair tested the 23.6% Fib retracement level of the recent wave from the $113 swing low to $159 high.

An immediate resistance is near the $158 level. The first major resistance is near the $160 level. Any more gains above $158 and $160 could set the pace for a move towards the $170 level. If there is a move above the $170 resistance, the price could rise towards the $180 zone.

An immediate support on the downside is near the $148 zone. The next major support is near the $140 level, below which the bears might aim $138 or the 50% Fib retracement level of the recent wave from the $113 swing low to $159 high. The next target for them may perhaps be near the $125 level.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $140 zone and the 55 simple moving average (4-hours). Overall, the price must clear $160 and $165 to continue higher in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is well above the 50 level.

Key Support Levels – $148 and $140.

Key Resistance Levels – $158 and $160.

The post Bitcoin Cash Analysis: Dips Turn Attractive Near $140 appeared first on Live Bitcoin News.

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