Key Support Levels: $200, $160, $120
BCH/USD Price Long-term Trend: Bullish
Yesterday, BCH rebounded and broke the $250 resistance but failed to break $280 resistance. The market reached a high of $275 and became overbought. Sellers have emerged and attempting to push price downward.
The bulls are contesting the current price level with the bulls. The bears are mounting stiff resistance at the $280 resistance zone. On the downside, if the bulls turn down from the current resistance, the crypto will fall to $250 low. On the upside, if the bulls overcome $280 resistance, BCH will rise to $350 price level.
Daily Chart Indicators Reading:
The SMAs have a bullish crossover as the 21-day SMA crosses above 50-day SMA. BCH has also risen to level 64 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 uptrend. The bulls have broken the $250 and attempting to break the $275 and $280 resistances. A break above $280 resistance will take BCH out of the downtrend zone and begins the resumption of the uptrend.
4-hour Chart Indicators Reading
Bitcoin cash is above 80% range of the daily stochastic. This indicates that the market has reached the overbought region. Sellers are likely to emerge but the current overbought condition may not hold. The SMAs are sloping upwards.
General Outlook for Bitcoin Cash (BCH)
Bitcoin Cash is in an uptrend. The bulls are presently attempting to break the $280 resistance. According to the stochastic indicator, BCH is in the overbought region but may not hold as the trend continue its upsurge. At the time of writing, the bulls are attempting to break the minor resistance at $275.
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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