Bitcoin Cash Hovers above $500, Amidst Bullish Expectation

Feb 24, 2021 at 13:36 // News
Coin Idol
Bitcoin Cash bullish expectations

Bitcoin Cash has pulled above the $500 support and attempts to resume an upward move. Today, the upward move is facing some resistance as the altcoin resumes a range-bound movement below the $600 high. In the previous price action, BCH was trading above $680 support.

At one time, buyers attempted to break above $725 high before encountering a rejection. This rejection forced the cryptocurrency to drop to a $445 low. The altcoin pulled back and resumed consolidation above the $450 support for a resumption of an uptrend. On the upside, if buyers push BCH above the $650 support the cryptocurrency will regain its bullish momentum. The price will retest the $750 high. Conversely, if the bears break the $445 support, BCH will further decline to a $369 low. 

Bitcoin Cash indicator reading

BCH has fallen to the support of the 50-day SMA. The market will resume an upward move if the 50 –day SMA support holds. However, if the price breaks and closes below the SMAs, BCH will fall and resume a downward move. Presently, the altcoin is below the 50% range of the daily stochastic. The bearish momentum is overtaken by the current price action.

Technical indicators:  

Major Resistance Levels – $750 and $800

Major Support Levels – $450 and $400

BCH chart.png

What is the next move for Bitcoin Cash? 

BCH is not out of the bearish trend zone as bulls attempt to push price to the upside. BCH risks another decline if the current support is breached. On February 22 downtrend; the retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that BCH is likely to fall to level 2.0 Fibonacci extensions or the low of $319.62.

BCH chart.png

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