Bitcoin Cash (BCH) Breaks Clear Into $400 in the Current Uptrend

6 February 2020 | Updated: 6 February 2020

Key Resistance Levels: $275, $300, $5
Key Support Levels: $200, $160, $120

BCH/USD Price Long-term Trend: Bullish
Bitcoin Cash is still in an uptrend as the coin reaches a high of $450. BCH is retracing from the recent high after resistance. The $450 resistance level was the historical price level of May 2019. The bulls were resisted and the market fell to the low of $375.

BCH continued its upward move and retested the resistance at $450 to reach a high of $475. Today the bulls failed to sustain above $450 as the price retraces. However, if the retracement continues, it may fall to the recent support of $375. The upward move may continue if the coin finds support.

BCH/USD - Daily Chart

Daily Chart Indicators Reading:
Bitcoin Cash is presently trading at level 75 of the Relative Strength Index period 14. This explains that the coin is in the overbought region of the indicator. In the overbought region, Bitcoin Cash is likely to fall. Buyers will be in short supply or not available to push the coin upward. Rather, the presence of sellers will push the coin downward.

BCH/USD Medium-term  Trend: Bullish
On the 4-Hour chart, Bitcoin Cash is in an uptrend. A trend line is drawn showing the support levels of BCH. The coin was in an upward move but was resisted at the $375 price level. BCH dropped to a low of $300 or the support of the trend line. Nonetheless, this gave the coin the ability to bounce as it reaches a high of $450.

BCH/USD - 4 Hour Chart

4-hour Chart Indicators Reading
As Bitcoin Cash reaches a high of $450, the daily stochastic also has gone up to the overbought region of the market. This clearly indicates that BCH is overbought and likely to depreciate. A downward movement is expected. However, it is uncertain the extent of its downward falls.

General Outlook for Bitcoin Cash (BCH)
Bitcoin Cash has risen to the previous highs of $450 which is the same price level in June 2019. Presently, the stochastic and the Relative Strength Index period 14 have indicated that the coin is overbought. This explains that the coin is likely to fall.

Bitcoin Cash Trade Signal
Instrument: BCH/USD
Order: Buy
Entry price: $443
Stop: $400
Target: $500

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.