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Yesterday’s trading activity ended with Bitcoin Cash seeing a considerable amount of price upside rebound, even while price action was still below some important technical landmarks. The market has continued the trend today. Let’s see how the market may hold out against contrary forces.
Key Price Levels:
Resistance: $400, $500, and $600
Support: $300, $200, and $100
Bitcoin Cash Price Action Finds Support at the 61.80 Fibonacci Retracement
As earlier noted, the BCH market has forged further ahead, with small but additional price increases. The current session can be seen taking support at the 61.80 Fibonacci Retracement level, which marks one of the bulls’ comfort zones. Consequently, this brings price action to focus on the $400 price level.
Also, the Moving Average Convergence Divergence (MACD) lines can be seen coming closer to each other below the center line. In addition, the indicator bars are pale red, indicating that bearish pressure is on the decline. This implies that upside forces can more comfortably propel the market upwards, as price action seems prepared to rise past the 200-day Exponential Moving Average (EMA) line.
BCH Upside Hopes Seem to Be Strengthening
Price activity in the Bitcoin Cash market can be seen clearly below the EMA lines. However, in the 4-hour market, we can see that price activity has risen past the 20-day EMA and now lurks around the 50-day EMA line. It appears that the market has only retracted below the 50-day EMA, judging by the appearance of an upper shadow on the corresponding price candle to the ongoing session.
Likewise, the MACD lines can be seen rising upwards towards the equilibrium level. Also, the indicator bars are still solid red, which indicates momentum strength. As the market seems more likely to cross above the 50-day EMA line, this increases the likelihood of price action breaking through the $400 level. This suggests that crypto signals targeting price levels around the $450 mark may be worth a try.
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