Key Support Levels: $200, $175, $150
BCH/USD Price Long-term Trend: Bearish
Yesterday, Bitcoin Cash bearish run was interrupted as the bulls defended the low at $200. This is the third time the bulls will be defending the support at $200 since September. BCH will move up if the price holds at the previous low. Presently, the bull’s defense has kept BCH from further depreciation.
BCH would have depreciated if the selling pressure is allowed unabated. The coin price rise will propel BCH to reach the initial resistance at $241. Nevertheless, if the initial resistance is also subdued, the coin will revisit the price at $300. Meanwhile, the bulls are expected to continue to push the price upward.
Daily Chart Indicators Reading:
The BCH previous low is holding as the bears failed to breach the support line of the Channel. The BCH is above level 32 of the daily RSI, indicating that the price is near the oversold region. As the market moves up, BCH will be out of that region
BCH/USD Medium-term bias: Bearish
On the 4-hour chart, the BCH had been trading in a descending channel. The downward move was compelling as the bulls fail to break the resistance at $300 on three occasions. The market formed a bearish triple top before the commencement of the downward fall. The market dropped to a low of $197 and pulled back. It is expected that the pullback will be sustained.
4-hour Chart Indicators Reading
The BCH is trading above the 25% range of the daily stochastic. The coin is rising and in a bullish momentum. The coin is rising to break the support line, if it does and closes above it, BCH will be an uptrend.
General Outlook for Bitcoin Cash (BCH)
Bitcoin Cash bounces at the support level of $200. The bulls defended the support to put an end to the bearish run. BCH is likely to fluctuate if the support holds. The RSI is below level 30, traders should look out for buy setup to initiate long trades in anticipation of an uptrend.
Bitcoin Cash Trade Signal
Instrument: BCHUSD
Order: buy
Entry price: $208
Stop: $175
Target: $241
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