On February 28, Bitcoin Cash (BCH) rallied from $300 support as the price broke above the moving averages. However, the BCH price has retraced back above the moving averages.
The current uptrend could continue if the price holds above the moving averages. That is, BCH will rise and regain the previous highs of $430 and $470. However, if the price falls below the moving averages, the market will go back to the previous low of $280. Meanwhile, BCH/USD is trading at $327.46 as of press time.
BCH is at level 53 of the Relative Strength Index for the period 14. The altcoin is in the uptrend zone and is capable of further upward movement. Currently, the price bars are above the moving averages, indicating a possible uptrend. BCH is below the 80% area of the daily stochastics. This indicates that the market is in a bearish momentum.
Major resistance zones: $800, $820, $840
Important support zones: $500, $480, $460
Bitcoin Cash is in an uptrend after the price fell below the moving averages. The uptrend is rejected at $340. The uptrend will resume when the resistance is broken. Meanwhile, on February 26, the uptrend; a retreating candlestick tested the 50% Fibonacci retracement level. The retracement suggests that BCH will rise to the 2.0 Fibonacci extension level or $260.57.
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.