Bitcoin Cash (BCH) Holds above $200, Can the bulls sustain the uptrend?

Bitcoin Cash (BCH) Holds above $200, Can the bulls sustain the uptrend?

Key Resistance Levels: $275, $300, $325
Key Support Levels: $200, $160, $120

BCH/USD Price Long-term Trend: Ranging
Today, the bulls make a bold move above the $200 resistance level. The previous move was repelled and the coin fell to the low of $195. Is this current move going to hold above $200? If the support above $200 does hold, BCH will rise and retest the $227 price level. Expectantly once the $227 is breached the coin will have a free passage to reach the $240 price level. Conversely, if the bulls fail to break above $227, a sideways move is likely between  $200 and $227.

BCH/USD - Daily Chart

Daily Chart Indicators Reading:
Bitcoin Cash is below 80% of the daily stochastic. It indicates that BCH was earlier in the overbought region of the market but was resisted. In other words, the coin was in a bearish momentum but now bullish as per the price action. Today the bulls break above the $200 and close above it. It implies that the coin is going to hold above the current level.

BCH/USD Medium-term bias: Bullish
On the 4-Hour chart, the coin fell to the low of $195 with a long lower shadow pointing downward. This shows that the bears intend to push price downward but the bulls resisted such move. Today, the price has moved up to revisit the previous highs but it is currently facing resistance at $220. If the market retraces it may fall to the support of $205 or $210. However, a break below $200 may portend negatively for the coin.

BCH/USD - 4 Hour Chart

4-hour Chart Indicators Reading
Bitcoin Cash is now trading at level 65 of the daily Relative Strength Index period 14. This indicates that the price is above the centerline 50 and it is rising. The 21-day SMA and 50-day SMA are sloping upward indicating that the market is moving upwards. On the upside, if the coin continues to make impressive moves, it will break above the resistance and close above it. This will portend positively as the uptrend may resume.

General Outlook for Bitcoin Cash (BCH)
It is worthy to note that Bitcoin Cash is above $200 price level. Now that the coin is above the current price level, more buyers ought to come in to outnumber sellers. It should not be like the previous bullish move where the price slides below the support at $200. Traders should place long trades in anticipation of a bullish trend. A stop-loss order should be placed at $195.

Bitcoin Cash Trade Signal
Instrument: BCHUSD
Order: Buy
Entry price: $203
Stop: $175
Target: $241

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.