The price of Bitcoin Cash (BCH) is in a sideways trend as the cryptocurrency fluctuates between $280 and $295.
Since January 22, neither the bulls nor the bears have broken the fluctuation range. On April 11, the bears pushed BCH to the $290 low, while the bulls bought the dips. Sellers have yet to break below $280 support while the altcoin resumes its rangebound move.
Today, BCH resumed its upward movement and reached the high of $306. In the previous uptrend, the bulls were pushed back at the high of $387. Should the bulls overcome the resistance at $395, the market will rise to $600. However, if the bulls fail to break the recent high, the market will continue to fluctuate in a narrow trading range.
BCH has fallen to the 38 level of the Relative Strength Index for the period 14. The market has reached the downtrend zone and is below the center line 50. The moving averages of the 21-day line and the 50-day line are inclined horizontally, indicating a downtrend. BCH is above the 40% area of the daily stochastic. This indicates that the altcoin is in a bullish momentum.
Key resistance zones: $800, $820, $840
Important support zones: $400, $380, $360
Bitcoin Cash's downside has reached bearish exhaustion as bulls buy the dips. BCH is rising and approaching the moving averages lines. BCH will resume its upward movement when the price breaks above the moving averages. Selling pressure will resume when the altcoin is rejected at the recent high. Meanwhile, the price has entered a downtrend on April 8; a retreating candlestick has tested the 78.6% Fibonacci retracement level. The retracement suggests that BCH will fall but reverse at the 1,272 Fibonacci extension level or $304.
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.