Bitcoin Cash (BCH) price is trading in the bullish trend zone after the bulls broke the resistance at $340 and $360. The current uptrend is stuck at the high of $387.
Bitcoin Cash price long-term analysis: bullish
Since March 22, BCH has been fluctuating below the recent high. Further upward movement is likely if the price breaks the recent resistance.
The market will rise to the $420 high, but face further rejection at the $400 high. On the other hand, if the altcoin is rejected at the recent high, BCH will fall back above the $360 support, which was the previous resistance level. Meanwhile, price indicators show the overbought condition of the market. Further upward movement is doubtful. Nevertheless, BCH /USD is trading at $379.82 at the time of writing.
The Bitcoin Cash indicator value
BCH has risen to 66 on the Relative Strength Index for period 14. BCH is in the uptrend zone and is capable of further upward movement. The market is also approaching the overbought area of the market. BCH has a bullish crossover. That is, the 21-day moving average line crosses above the 50-day moving average line, indicating a buy order. BCH is above the 80% area of the daily stochastic. This means that the altcoin has reached the overbought region.
Technical Indicators:
Key Resistance Zones: $800, $820, $840
Key Support Zones: $400, $380,$360
What is the next step for Bitcoin Cash (BCH)?
Bitcoin Cash resumed its uptrend after the price rose above the moving averages. BCH is fluctuating below the recent high. Meanwhile, on March 22, the uptrend; a retracement candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that BCH will rise to the 1,618 Fibonacci Extension level or $425.44.
Disclaimer. This analysis and forecast are the personal opinions of the author 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-holds-ready/