Bitcoin Cash (BCH) Pushes above $220, Targets $260 Resistance

Bitcoin Cash (BCH) Pushes above $220, Targets $260 Resistance

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

BCH/USD Price Long-term Trend: Bearish
Since on March 12, the bulls have been consistent in its upward move as it broke the resistance line of the descending channel. BCH has reached a high of $230 and it is approaching the resistance at $240. Bitcoin cash will break above the minor resistance at $240 and reached a high of $260 if the current bullish momentum is sustained. The upward move may continue but will face resistance at $260.

BCH/USD – Daily Chart

Daily Chart Indicators Reading:
Bitcoin cash is above 50% range of the daily stochastic. On March 12, BCH was below 20% range when it was oversold. The bulls are emerging from the oversold region as it rises from $141 to $230. The breaking of the resistance line is an indication of a change in trend.

BCH/USD Medium-term Trend: Bullish
On the 4-Hour chart, BCH is in an uptrend. BCH is making a series of higher highs and higher lows. A trend line is also drawn showing the support levels of price. The upward move is likely to face resistance at $240.

BCH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
BCH has risen to level 66 of the daily Relative Strength Index period 14. BCH is above the centerline 50 which means that it is in an uptrend zone. BCH is currently rising, and approaching the resistance at $240.

General Outlook for Bitcoin Cash (BCH)
Bitcoin Cash is making an upward movement with the breaking of the resistance of the descending channel. The bulls have to sustain the upward move above the SMAs for the continuous upward move. However, if price falls below the EMAs, the upward move may be hindered.

Bitcoin Cash Trade Signal
Instrument: BCH/USD
Order: Buy
Entry price: $237.24
Stop: $180
Target: $437.24

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