Bitcoin Cash on the Verge of Breaching $1,200 Resistance, More Upside Momentum Imminent

Bitcoin Cash has been consistent in its bullish momentum as price broke above the minor resistance at $1,050. The current price surge is testing a resistance level at $1,100 which is obstructing the bullish momentum which has also been broken.

On April 17 uptrend; a retraced candle body tested the 50 % Fibonacci retracement level. The retracement indicates that BCH will rise to level 2.0 Fibonacci extension level or the high of $1,964.66. Meanwhile, BCH has broken the $1,100 resistance as the market approaches the $1,200 resistance. On the upside, if buyers breach the current resistance, BCH will attain a new high of $1,964.66.

Bitcoin Cash indicator reading 

The altcoin is at level 68 of the Relative Strength Index period 14. It indicates that the market is approaching the overbought region. Further upside rally is unlikely in the future as price reaches the overbought region. BCH price is above the moving averages as the price continues its upsurge. 

Technical indicators:  

Major Resistance Levels – $1,300 and $1,400

Major Support Levels – $800 and $700

What is the next move for Bitcoin Cash?

BCH/USD has made a tremendous upward move as price reached the initial targeted price level. Before the breakout, BCH was fluctuating between $950 and $1030.Meanwhile, on May 1 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level.  The retracement implies that BCH will rise to level 1.618 Fibonacci extensions or the high of $1,130.53. From the price action, the market has reached the initial targeted price level.

Disclaimer. This analysis and forecast are the personal opinions of the author that are 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.