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Bitcoin Cash Soars Above $130, Bulls Push for $150 Target

• Bitcoin Cash price is climbing above $130 against the US Dollar, similar to Bitcoin.
• There is a key bullish trend line forming with support near $129.20 on the 4-hour chart of the BCH/USD pair.
• The pair must clear $135 and $142 to continue higher in the near term.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $120 level and started a decent increase that was able to clear the $125 resistance zone. The price then climbed above the $128 and $130 resistance levels as it even spiked above $133 and traded as high as $134.47. It is now trading above the $130 zone and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $129.20 on the 4-hour chart of BCH/USD pair.

Resistance Level

On the upside, there is resistance near at around the $135 level which needs to be cleared for further gains towards target of around $150 level. Any more gains beyond this could push prices towards next major resistance at around$ 160 level.

Support Levels

Immediate support on downside can be seen at around 132 level which is close to 23.6% Fib retracement level of upward move from swing low of 122.95 to high of 134 .47 . Below this there lies first major support close to 130 or trend line which can be seen close to 50% Fib retracement mentioned earlier . Moreover, bears might aim for 125 if this fails too . Lastly, 120 might serve as last resort for bears before bulls take over again


The MACD for BCH/USD is gaining pace in bullish zone while relative strength index (RSI) is slightly above 50 mark which shows neither side has full control over market yet .


To sum up , bitcoin cash price has taken off from 120s and crossed crucial resistances like 125 , 128 , 130 etc but still need to breach 135 before 142 can be achieved . If bulls manage this feat , 150 could be possible target in upcoming days .