Bitcoin Cash (BCH) Struggles above $220 Support, an Upward Move Likely

16 April 2020 | Updated: 16 April 2020

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

BCH/USD Price Long-term Trend: Bearish
Following the breakdown on April 12 and 13, the market resumed consolidation above $220 support for two days. Today, BCH has resumed its downward move after breaking below $220 support. The price has dropped to $212; a further downward movement is expected as the market approaches the low of $200.

Nonetheless, if price breaks the $200 support or the support line, BCH will drop to the low of $166. On the upside, a rebound cannot be ruled out. The coin can as well rebound at a low of $200, which will compel the market to reach a high of $250.

BCH/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto is currently falling as it reaches level 41 of the Relative Strength index period 14. This implies that the market is in the downtrend zone and below the centerline 50. We expect the coin to drop further.

BCH/USD Medium-term Trend: Bullish
On the 4-Hour chart, BCH is in a downtrend. The coin is falling and approaching the $200 low and the support line. The market will continue its downward move if the support line is broken.

BCH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Bitcoin cash is below 40% range of the daily stochastic. That is the market is in a bearish momentum. It is approaching the oversold region of the market. The EMAs are currently sloping downward.

General Outlook for Bitcoin Cash (BCH)
Bitcoin Cash is in a downtrend as the market approaches the previous low of $141. Meanwhile, at the bottom of the chart, we have candlestick with long tail. This indicates that sellers are trying to push price downward but are being rejected by buying pressure.

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.