Bitcoin Cash price (BCH) is in an uptrend, but the upward movement was interrupted at the $390 resistance.
Bitcoin Cash Price Long-Term Analysis: Bullish
BCH fell above the 21-day moving average line, but retreated. The altcoin will resume its uptrend if BCH finds support above the moving averages. Buyers will try to push the cryptocurrency to the previous high of $390.
On the other hand, if BCH falls below the 21-day moving average line, the altcoin will initiate a move between the moving averages. That is, BCH will trade above the 50-day moving average line but below the 21-day moving average line. BCH will move when the moving average lines are broken.
Bitcoin Cash indicator value
BCH has fallen to level 56 of the Relative Strength Index for period 14. BCH is in the upward zone and is capable of further upward movement. At the moment, the price bars are above the moving averages, indicating further upward movement of the cryptocurrency. BCH is below the 40% area of the daily stochastic. This indicates that altcoin is in a bearish momentum. The moving averages of the 21-day line and the 50-day line are up, indicating an uptrend.
Technical Indicators:
Key resistance zones: $800, $820, $840
Key support zones: $400, $380, $360
What is the next move for Bitcoin Cash (BCH)?
Bitcoin Cash is in an uptrend as the market has reached the high of $390. BCH has fallen above the moving averages. The price indicator points to further upward movement of the cryptocurrency. Meanwhile, the March 23 uptrend triggered a candlestick retracement that tested the 78.6% Fibonacci retracement level. The retracement suggests that BCH will rise but reverse at the 1,272 Fibonacci extension level or $424.17.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.
Source: https://coinidol.com/bch-range-as-buyers/