Bitcoin Cash Breaks $550 Resistance, Suggests Further Upside Is Imminent
Bitcoin Cash has resumed an upward move as price broke the $550 resistance. The bulls did not have it easy in the price tussle.
On April 1, the bulls broke the $550 resistance but sellers appeared to push price to the range-bound zone. Following the pullback, the bulls retested the $550 resistance and breached it.
BCH/USD has resumed an upward move but may face resistance at the $600 high. If the bulls break the $600 high, the market will rally to $750 high. Nevertheless, if the bulls fail to break the next resistance, BCH will fall to the previous price range. For instance, on March 13 BCH was resisted at a $600 high, the market declined to $440 low. Today, BCH is trading at $560.64 at the time of writing
Bitcoin Cash indicator reading
As the crypto’s price breaks the resistance line of the descending channel, the previous bearish trend is presumed to have been terminated. The altcoin is at level 58 of the Relative Strength Index period 14. It indicates that BCH has room to rally on the upside. The 21-day and 50-day SMAs are sloping upward indicating the previous uptrend.
Major Resistance Levels – $750 and $800
Major Support Levels – $450 and $400
What is the next move for Bitcoin Cash?
BCH/USD has broken the $550 resistance level which suggests an upward movement of price. On April 1 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH will rise to level 1.618 Fibonacci extensions or the high of $586.24.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
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