Bitcoin Cash (BCH) is currently consolidating above the $115 support against the US Dollar. The BCH/USD pair recently broke resistance at $115 and climbed higher. It also cleared the 23.6% Fib retracement level of the downward move from the swing high of $136.18 to the swing low of $111.66. Currently, it is trading near the $118 zone, which is near the 55 simple moving average (4 hours).

The price needs to clear a major hurdle near $120 in order to continue higher. Above $120, there is also a key bearish trend line forming with resistance near $120 on the 4-hour chart of the BCH/USD pair. If the bulls can gain control, there will be an opportunity for a push towards the $124 resistance which is near the 50% Fib retracement level of the downward move from the $136.18 swing high to the $111.66 low. Once the pair clears the $124 resistance, the next major target for the bulls might be near the $130 level.

On the downside, immediate support is near the $115 level, followed by the $112 level. Below $112, the price might extend its decline towards the $110 and $102 levels. Lastly, if the price fails to stay above the $100 level, a major downside move may occur that could take the price towards the $80 level.

Overall, Bitcoin Cash in attempting to climb higher above the $120 resistance after forming a decent support base above the $112 level. Buyers will prove to be in control once it clears the key resistances near $120 and $124 in the near term. Conversely, if the price fails to clear the $120 resistance, it could start a downside correction.



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