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• Bitcoin Cash is attempting a recovery wave above the $112 resistance against the US Dollar.
• The pair must clear $116 and $118 to start a steady upward movement in the near term.
• Immediate support on the downside is near the $113 level, while any more gains above $120 could set the pace for a move toward the $126 level.

Bitcoin Cash Price Analysis

Bitcoin cash price is attempting a recovery wave above the $112 resistance against the US Dollar. The pair must clear $116 and $118 to start a steady upward movement in the near term. There is a key bearish trend line forming with resistance near $116 on the 4-hour chart of BCH/USD pair (data feed from Coinbase). Additionally, immediate support on the downside is near the $113 level, while any more gains above $120 could set the pace for a move toward the $126 level.

Resistance Levels

There is a key bearish trend line forming with resistance near $116 on 4-hour chart of BCH/USD pair. Any more gains above this resistance could open up upside towards 118$. This could be followed by further uptrend towards 120$ and 126$.

Support Levels

Immediate support on downside lies around 113$. If this fails to hold ground then we may see further drop towards 110$ and 102$. It should be noted that 100$ might act as strong support if bears gain strength.

Technical Indicators

The MACD for BCH/USD is gaining pace in bullish zone while RSI for BCH/USD is also above 50% mark which indicates that bulls have an upper hand at present time period.

Conclusion

Overall, Bitcoin Cash’s price must clear 116$ and 118$ levels to continue higher in near term. Technical indicators are also favoring bulls at present time frame therefore we can expect an uptrend ahead if mentioned levels are cleared successfully.