Rajarshi Mitra
Independent Analyst
- BCH/USD price sees little scope of growth with a substantial resistance level at $123.50.
- With no strong support lines present, the bulls need to rally together.
BCH/USD market sees a little scope of growth. Bulls are currently facing a strong resistance level at $123.50. Worryingly enough, the daily confluence detector shows no substantial lines of support. As of now, the price is looking to go lower, though it is currently sandwiched between tough support and resistance levels.
BCH/USD daily confluence detector
According to the BCH/USD daily confluence detector, the resistance levels are at $122 and $123.50. The $123.50 resistance level is extremely strong. The confluences at those levels are as follows:
- $122: Monthly 23.6% Fibonacci retracement level.
- $123.50: Weekly 38.2% Fibonacci retracement level and 5-day simple moving average (SMA 5).
The support levels are at $120.50, $118, and $115. The confluences at those levels are:
- $120.50: 15-min Bollinger band middle curve, 15-min previous low, SMA 10, SMA 5, and daily 23.6% Fibonacci retracement level.
- $118: Weekly 61.8% Fibonacci retracement level, 4-hour Bollinger band lower, Daily pivot point
- $115: Monthly pivot point and daily pivot point.
Key Levels
- Resistance 3: $128.7143
- Resistance 2: $125.5073
- Resistance 1: $123.2577
- Pivot Point: $120.0507
- Support 1: $117.8011
- Support 2: $114.5941
- Support 3: $112.3445
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?