Today, March 19, 2021, Bitcoin Cash (BCH) is rising toward the $550 resistance zone. Each time it retests the resistance zone, it will fall to the $510 support.
Bitcoin Cash has been range-bound between $510 and $550 Since March 15. For the past week, this has been the price action. The altcoin has not traded above the $550 resistance level; neither has it fallen below the $510 support level.
Bitcoin Cash has been stuck between the range-bound levels. On the upside, if there is a breakout at $550 resistance, the market will rally to $600 high. Similarly, BCH will risk another downward move to $480 low if the bears break the $510 support. The market has risen to $538 at the time of writing.
BCH is at level 49 of the Relative Strength Index period 14. This implies that there is a balance between supply and demand. The altcoin price is above the 21-day SMA and 50-day SMA which indicates a possible rise in price. The market is 40% range of the daily stochastic. It indicates that BCH is in a bullish momentum.
Major Resistance Levels – $750 and $800
Major Support Levels – $450 and $400
BCH/USD has been retesting the $550 resistance for a possible uptrend. However, price indicator has signaled a possible upward move of the market. On March 18 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 1.618 Fibonacci extensions or the high of $564.14. The uptrend can continue on the upside.
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.