Lorenzo Stroe
Independent Analyst
- Bitcoin Cash price is currently trading inside an uptrend but could face short-term resistance.
- BCH faces one critical resistance level before $300.
Bitcoin Cash price has been able to establish a 12-hour uptrend and climbed above two critical support levels in the form of moving averages. The digital asset aims to climb above $300, but could be facing a mild correction in the short-term first.
Bitcoin Cash faces a sell signal in the short-term
On the 12-hour chart, the TD Sequential indicator is on the verge of presenting a sell signal despite the digital asset climbing above the 50-SMA and the 100-SMA. Confirmation of the call can push BCH towards the 100-SMA at $285 and as low as $270 where the 50-SMA currently stands.
BCH/USD 12-hour chart
According to the confluence detector, the most significant support level is formed at $294 where the previous weekly high and hourly low coincide. Nearby, there is also some support around the $293 level. It seems that a breakdown below these levels would push Bitcoin Cash to the $270 target mentioned above.
On the other hand, bulls face very little resistance towards $300. The most vital level is $298 where the Pivot Point 1 Day R3 is established. It seems that above this point, BCH is free to run towards $320.
BCH/USD confluence levels
The In/Out of the Money Around Price (IOMAP) seems to show a similar story indicating that there is a lot of support on the way down below $292 but only a crucial resistance area between $302 and $309.
BCH IOMAP chart
The IOMAP adds credence to the bullish theory that a breakout above $300 would lead BCH towards $320 and above. Similarly, the most critical support level is the bearish price target of $270.
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?