Bitcoin Cash Bounces above $320 Support; a Rally above $400 Is Expected

Azeez Mustapha
5 March 2020 | Updated: 5 March 2020

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

BCH/USD Price Long-term Trend: Bullish
Bitcoin Cash bounces at the current support of $320 as the market reaches a high of $339. The current support of $320 is holding because the selling pressure has been exhausted. BCH has earlier fallen into the oversold region. Buyers are expected to emerge at the oversold region to push BCH upward. In the meantime, BCH has made an upward move. On the upside, if the bulls push price above $360, the rally will extend to $400 and $500 possible.

BCH/USD – Daily Chart

Daily Chart Indicators Reading:
Bitcoin Cash is below 20% range of the daily stochastic. This implies that BCH is in the oversold region of the market. When BCH is oversold, selling has been overdone. The downward movement of the coin will be put on hold. Majorly buyers are expected to emerge to push BCH upward.

BCH/USD Medium-term Trend: Bullish
On the 4-Hour chart, the coin is falling in a descending channel. After the last bearish impulse, the market has been holding above $300 and $320. BCH is making an upward and price has broken the resistance line and closed above it. This indicates that the uptrend will continue.

BCH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Bitcoin Cash is rising, simultaneously with the Relative Strength Index. The RSI has risen to level 57 indicating that the market is in an uptrend zone. BCH is also above the centerline 50. Meanwhile, the moving average has made a bullish crossover as 21-day SMA crosses over the 50-day SMA.

General Outlook for Bitcoin Cash (BCH)
Bitcoin Cash is in an upward move as the downtrend is likely to be over. It is anticipated that once price breaks above the breakout level of $360, the market will rise to a higher price level. Traders are supposed to take initiative to look out for buy setup and place long orders.

Bitcoin Cash Trade Signal
Instrument: BCH/USD
Order: Buy
Entry price: $340
Stop: $300
Target: $480

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

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.