Cryptocurrency Bitcoin Cash (BCH) is presently going through a period of consolidation above the $124 level against the US Dollar. Purchasing activity was seen which enabled the BCH/USD pair been able to emerge beyond the key $120 resistance level. Momentarily, the price is trading above both $124 level and the 55 simple moving average (4 hours). The surge was also above the 23.6% Fibonacci retracement level of the downward move from the $139.80 swing high to the $116.77 low. But on the upside, the price is facing a tough barrier near the $128.20 level, which is the 50% Fib retracement level of the same swing low and high.

To initiate a notable advance, Bitcoin Cash price needs to encounter the significant resistance level of $130. This level must be overcome to pave the way for a push towards the next essential resistance zone near the $135. Any additional increase may potentially open the gates for a new upsurge towards the $140 level. On the flip side, if there is a downside break below the $125 support, the cryptocurrency might be headed lower towards the first major support near $122. Additional unrelenting depreciation might target the $118 support zone as well as the next key support near $110. The plummet could eventually stop near the $105 mark.

On the 4-hours chart, there is a key ascending channel forming with support close to $124.50. On the technical indicators front, the MACD for BCH/USD is losing momentum in the bullish domain. Also, the RSI for the pair is moving lower and is below the 50 level.



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