Bitcoin Cash (BCH) Trades Below $250 Resistance, Uptrend Uncertain

23 April 2020 | Updated: 23 April 2020

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

BCH/USD Price Long-term Trend: Bearish
Bitcoin Cash is currently trading at $234 at the time of writing. Since April 10, the market has been trading below $250 resistance. The bulls have made two unsuccessful attempts to break it. A third attempt at the resistance is in progress. The market is currently in an upward move. A break above $250 resistance and a subsequent rebound will propel BCH to rally above $280 resistance. The coin will pick up momentum to push price above $320.

BCH/USD – Daily Chart

Daily Chart Indicators Reading:
The recent upward move has made the coin to rise to level 50 of the Relative Strength index period 14. This indicates that the market is in the uptrend zone. The market is likely to rise but price may reach the overbought region.

BCH/USD Medium-term Trend: Ranging
On the 4-Hour chart, BCH is in an uptrend. The upward move has been terminated by the $280 resistance. The price fell to break the trend line, terminating the upward move. The uptrend will resume if price breaks the resistance at $280.

BCH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Bitcoin cash is above 75% range of the daily stochastic. That is the market is in a bullish momentum. It is approaching the overbought region of the market. The EMAs are currently sloping horizontally.

General Outlook for Bitcoin Cash (BCH)
Bitcoin Cash has been trading below $250 resistance for the past three weeks. The bulls have failed to break the resistance at $250.
A rebound above $230 low is expected to break through the initial resistance and reach a high of $280.

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.