Bitcoin Cash Resumes Uptrend as Buyers Push Price above the Breakout Level at $360

Bitcoin Cash Resumes Uptrend as Buyers Push Price above the Breakout Level at $360

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

BCH/USD Price Long-term Trend: Bearish
Since February 15, BCH has been on a downward move. The coin has fallen to a low of $301 which is below the breakout level of $360. At this current support, BCH has fallen to the oversold region of the market. As buyers are likely to emerge, the downward move may be temporarily be put on hold. On the upside, BCH may reach a high of $400 or $440, if the current support at $320 holds. It is unlikely for the downward move to continue for now as buyers are likely to emerge.

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. There are no sellers on hand to push the coin downward as selling has been overdone. We are waiting for the presence of buyers to push the coin upward. It also means BCH is in strong bearish momentum.

BCH/USD Medium-term Trend: Bearish
On the 4-Hour chart, the coin is falling in a descending channel. It fell to the low of $320 which incidentally led the coin fall into the oversold region. On the upside, buyers are likely to emerge to push the coin upward.

BCH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Bitcoin Cash has fallen to level 41 of the Relative Strength Index. The coin was previously in the oversold region where buyers emerge to push the coin upward. The RSI also rises to level 41 approaching the uptrend zone.

General Outlook for Bitcoin Cash (BCH)
Bitcoin Cash appears to have exhausted the bearish run for now. As buyers emerge from the oversold region, BCH upward move is guaranteed. Traders are to initiate long orders in anticipation of a bullish trend.

Bitcoin Cash Trade Signal
Instrument: BCH/USD
Order: Buy
Entry price: $323
Stop: $280
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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Author : Azeez Mustapha

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