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BITCOIN CASH PRICE ANALYSIS CMP-$117: The Bulls are preparing for fire above $120

According to chart analysis, we see there has been an unexpected price movement in the last two days.


24 Nov 2022 By : COIN GABBAR
BITCOIN CASH PRICE A

Bitcoin Cash has recently posted significant gains, rising from $103 to $120 in the last two days.

At the time of writing, technical indicators indicated that the bullish sentiment remained unchanged.

Bitcoin cash price struggled to gain momentum in order to break through the $125 and $126 resistance levels. BCH reached a high near $126 and then began a new decline.

The price fell sharply below the $115 and $105 support levels. Furthermore, the BCH/USD pair's 4-hours chart showed a break below a major bullish trend line with support near $115. The bears pushed the price below the $100 support level as well as the 200 hourly simple moving average. It has recently begun a short-term uptrend after making a low of $87.

The price increased above the $92 and $95 resistance levels. The price has risen above the 23.6% Fib retracement level of the decline from the $126 swing high to the $87 low.

The price broke through the $98 and $100 barrier levels. The price clearly moved over the 23.6% Fib retracement level of the decline from the $126 swing high to the $87 low. Furthermore, the BCH/USD pair broke above a major bearish trend line with resistance above $98 on the 4-hours chart.

The price is now trading above $115 and the 21-day simple moving average (4-hours). BCH is trading in a rounding bottom pattern on the 4 hour chart. Once it crosses above $120, the sky's the limit for BCH.

The first significant resistance is located near the $120 level. It is near to the 78.60% Fib retracement level of the decline from the $126 swing high to the $87 low. The main barrier is located near the $126 level. Any further gains above $126 could set the stage for a move towards $135. If the price rises above the $135 resistance, it could reach the $150 zone.

On the downside, there is immediate support near the $113 zone and the 50 hour simple moving average. The next significant support is near the $108 level, It is close to the 50.00% Fib retracement level of the decline from the $126 swing high to the $87 low. below which the bears may aim for $100. Their next target could be around the $95 level.

According to Price Analysis, The market capitalization of this BCH is estimated to be $2,226,097,789. The 24-hour trading volume for the coin is around $278,687,497. BCH market capitalization has risen by 1.85%. However, trade volume decreased by 25.34% during intraday trading.

KEY LEVELS :

RESISTANCE LEVEL : $120-$126

SUPPORT LEVEL : $110-$105

After an unexpected price movement in the last two day candles on a daily chart? BCH is currently trading in a consolidation zone with a rounded bottom. Will the Bulls break over the $120 big resistance? Please reply.

WHAT'S YOUR OPINION?