BCH in an Uptrend Testing the Neck Line of the Swing Lows

Nov 07, 2019 at 15:06 // News
Author
Coin Idol
Bitcoin Cash price

BCH is in an unrelenting upward move to penetrate the $310 price level. Earlier on, the BCH has made a concrete effort to breach the neckline of the swing lows. It has also revisited the resistance zone thrice as it pulls back.

The BCH is under bull control as it moves up to tests the neckline of the swing lows. If it breaks the neckline, BCH may rally and arrive at the $360 supply zone. Conversely, the pair may fall, if it fails to overcome the resistance level. Nonetheless, BCH will continue to trade beneath the neckline, if the resistance line is unbroken.

Bitcoin Cash Indicator Reading 

BCH has reached the overbought region of the stochastic, meaning that the coin is has a strong bullish momentum. The exponential moving averages are pointing northwards indicating BCH is rising.

BCH chart.png

Key Supply Zones: $320, $360, $400

Key Demand zones: $200, $160, $120

What is the Next Move for Bitcoin Cash?

BCH is in a bullish trend below the $310 price level. Today, BCH is falling after testing the neckline. Nonetheless, the BCH/USD pair may fall or trade below the neckline in the bullish trend zone. We expect BCH to rise since all the price indicators are indicating a bullish signal.

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.

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