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
Weekly BCH Price Chart Source: BCHUSDT On Tradingview.com
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.
Four-Hourly BCH Price Chart Analysis
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