Bitcoin Cash (BCH) Holds Almost 90% Gains After Intense Price Tussle

Bitcoin Cash (BCH) Holds Almost 90% Gains After Intense Price Tussle

Key Resistance Levels: $275, $300, $350
Key Support Levels: $200, $160, $120

BCH/USD Price Long-term Trend: Bullish
In the last 48 hours, BCH is trading below the $480 resistance. The bulls have made frantic efforts to break above it. At the same time, the market respects the historical price level. The current resistance is the historical price level of July 2019. In the previous case, the market consolidated at this point before it resumes its downward move. Today, if the bulls break the current resistance, the price will rally above $500.

BCH/USD - Daily Chart

Daily Chart Indicators Reading:
The current upward move is on an ascending channel. It is worthy to note that as long as the price is within the channel, the upward move is ongoing. Nonetheless, as soon as price breaks below the lower channel, it is presumed that selling pressure has resumed. Bitcoin Cash is in the overbought region of the market. Therefore BCH can fall at any time. In the overbought region, sellers are generated to push the coin downward.

BCH/USD Medium-term Trend: Bullish
On the 4-Hour chart, the price is fluctuating below the resistance at $480. The candlesticks are clustering below the resistance but find support at the 12-day SMA. Small body candlesticks like Doji and Spinning tops are indecisive candlesticks responsible for the range-bound movement below the resistance.

BCH/USD - Daily Chart

4-hour Chart Indicators Reading
BCH has already fallen to level 59 of the Relative Strength Index period 14. It means that the coin is in the uptrend zone. BCH tends to rise. Meanwhile, the 50-day and 21-day SMAs are sloping upward indicating the uptrend.

General Outlook for Bitcoin Cash (BCH)
Bitcoin Cash has made 90% gains from the bear market. The coin is in a strong bullish momentum while in the overbought region of the daily stochastic. It is not clear how long the price will linger in the region. The Relative Strength Index indicates that the coin will continue to rise above $500 and above.

Bitcoin Cash Trade Signal
Instrument: BCH/USD
Order: Buy
Entry price: $471
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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Author : Azeez Mustapha

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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.