Bitcoin Cash Continues Its Uptrend, Faces Resistance at $240

Bitcoin Cash Continues Its Uptrend, Faces Resistance at $240

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 $223 or approaching the resistance line of the descending channel. On the upside, if the bulls break and close above the resistance line, BCH will resume an upward move. On the downside, BCH may face selling pressure at the resistance line. The bears will like to defend the level. BCH may fall to a low of $150 if the selling pressure resumes.

BCH/USD – Daily Chart

Daily Chart Indicators Reading:
Currently, BCH is rising as it is above 60% range of the daily stochastic. This indicates that Bitcoin cash is in bullish momentum. As the indicator rises, the market will be in an upward move.

BCH/USD Medium-term Trend: Bearish
On the 4-Hour chart, BCH is in an uptrend. BCH is making a series of higher highs and higher lows. A trend line is also drawn showing the support levels of price. The uptrend will be ongoing as long as the trend line remains unbroken. The upward move is said to be terminated if price breaks and closes below the trend line.

BCH/USD – 4 HourChart

4-hour Chart Indicators Reading
BCH has risen to level 54 of the daily Relative Strength Index period 14. BCH is above the centerline 50 which means that it is in an uptrend zone. BCH is currently rising, and if it breaks the resistance line of the descending channel and closes above, it is an indication of an uptrend.

General Outlook for Bitcoin Cash (BCH)
From the daily chart, if the bulls fail to break the resistance line and close above it; then traders should initiate a short trade. This is because the price has reached the resistance line where selling pressure will resume. On the other hand, if price breaks and closes above the resistance line, this signal the resumption of the uptrend.

Bitcoin Cash Trade Signal
Instrument: BCH/USD
Order: Sell
Entry price: $221
Stop: $250
Target: $120

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.