Bitcoin Cash (BCH) Price Analysis – Price Breakout Signals Short-Term Buy For Bitcoin Cash

Bitcoin Cash (BCH) Price Analysis – Price Breakout Signals Short-Term Buy For Bitcoin Cash

 

Out of the top ten crypto projects, Bitcoin Cash has shown a nice but small recovery of 3% under 24-hours. Amidst the bearish trend, the bulls have tried to push the BCH price to $211 at the moment. BCH is currently the fifth-largest cryptocurrency by market cap, although we can expect the price to keep rising if the trading volume is increasing by the day.

Bitcoin Cash (BCH) Price Analysis: 4H Chart – Bullish

Key resistance levels: $220, $230, $240
Key support levels: $204, $200, $196

Following the past three weeks of trading, Bitcoin Cash is currently relying on major support of $196, although minor support was recently created at $204 – which is where BCH held a weekly low. The $204 support is likely to become strong if the market climbs to a more relief resistance at $220, $230 and $240 in a subsequent move. We can see that Bitcoin Cash has managed to break the orange descending line that is drawn from November 6 resistance.

BCHUSD, 4H Chart – December 13

However, an opposite price movement could expose this support to a threat if the long bearish formation resumes. A drive below $204-$204 support area could roll BCH price back to $196 support. Considering the positive signs on the MACD and the RSI indicators, it appeared a bullish momentum is around the corner for BCH market.

Bitcoin Cash (BCH) Price Analysis: 2H Chart – Bullish

Bitcoin Cash is currently showing some positive signs on the 2-hours chart. The buyers are stepping back again! The question here is, will they last? Of course, the buyers can take-over the trend if the price of BCH keeps surging upward. In view of that, the next buying target is likely at $216 and $220 resistance.

BCHUSD, 2H Chart – December 13

But in case the sellers return back in the market now, the price is likely to plunge back to $208 and $204 support in no time. Taking a look at the technical indicator reading, Bitcoin Cash is confirmed bullish on the hourly time frame. Acting upon this, a more positive climb is expected to play out in the next few days. For now, we may need to wait for a pullback before we can consider the latest breakout as a true bullish signal.

BCH BUY SIGNAL

BUY Entry: $208
TP: $220
SL: $202

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.