Key Support Levels: $200, $160, $120
BCH/USD Price Long-term Trend: Bullish
Bitcoin Cash has shown an impressive upward move in the last 48 hours. As earlier anticipated the $200 support was held as the coin pushed up higher. BCH is now trading at $223 at the time of writing. Hopefully, it is probably that the upward move may continue if the bulls break the resistance at $227. The coin may as well reach the high of $240 if the bulls conquer the resistance at $227. Alternatively, if the bulls fail to break above the first resistance, it is most likely to resume a sideways move between $200 and $227.
Daily Chart Indicators Reading:
The bulls have for the first time broken above the 12-day EMA and 26-day EMA since December 17. The implication is that Bitcoin Cash will continue to rise if the bullish trend is sustained. The Relative Strength Index period 14 level 61 indicates that BCH is trading in the bullish trend zone. The coin is also above the centerline 50.
BCH/USD Medium-term bias: Bullish
On the 4-Hour chart, the bullish trend has reached a high of $225 but the price is retesting the resistance to break it. The price retraces to the $220 low each time the coin is resisted. The price will remain bullish if it is sustained above the EMAs. Meanwhile, the bulls are making a repeat retest at the resistance.
4-hour Chart Indicators Reading
Currently, the price is testing the resistance line to break it. BCH will reach the previous highs if the bulls successfully break the resistance line. Meanwhile, the coin is also trading in the overbought region above 80% range of the daily stochastic. The implication is that the coin may drop and make another upward move. The market is in a bullish momentum except it falls.
General Outlook for Bitcoin Cash (BCH)
Bitcoin Cash is now in a bullish move as the coin reaches a high of $225. BCH uptrend is likely to commence if the price breaks above the $280 resistance zone. Traders should lookout to buy orders in case the market retraces and finds support. Meanwhile, the market is ranging between $220 and $225 as the bulls continue to retest the resistance level.
Bitcoin Cash Trade Signal
Instrument: BCH/USD
Order: Buy Limit
Entry price: $210
Stop: $175
Target: $241
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