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Key Support Levels: $200, $160, $120
BCH/USD Price Long-term Trend: Bullish
Bitcoin Cash has been on a downward move after it reached a high of $280. The bulls were resisted at the overhead resistance as price dropped to $213 low. After a downward correction, the bulls resumed another upward move to retest the overhead resistance. The market reached a new high of $267 but failed to breach $280 resistance.
BCH fell to $239 low after the resistance at $267. Buyers made another push above $250 high. Today, the crypto is trading above $240 support level. On the upside, if price rebounds above $240, the resistance levels are likely to be beached and the momentum will reach the high of $280.
Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. BCH has fallen to level 50 of the Relative Strength index period 14. This indicates that the market is in the uptrend zone. BCH is likely to rise.
BCH/USD Medium-term Trend: Bullish
On the 4-Hour chart, BCH is in an ascending channel. The upward move is hampered at the $280 overhead resistance. Each time the bulls are resisted the market falls above the $220 support. Presently, the market is consolidating above $240 support. BCH is characterized by small body indecisive candlesticks.
4-hour Chart Indicators Reading
Bitcoin cash is above 40% range of the daily stochastic. It is currently in a bullish momentum as the stochastic bands make a U-turn upward. The SMAs are sloping upwards.
General Outlook for Bitcoin Cash (BCH)
BCH is falling because of the $280 resistance. Currently, the market is fluctuating between $240 and $280. On the daily chart, price fell to the support above the EMAs. The upward move is expected.
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