Bitcoin Cash Stuck Below $550 Resistance, Upward Move Doubtful in the Interim

Bitcoin Cash price is stuck below the $550 price level. Today, BCH is retracing after testing the $550 resistance zone. BCH has never traded above $550 high after the February 23 breakdown. The price has been fluctuating between $440 and $550.

There has been no significant price movement as the altcoin is confined in a range. The BCH/USD has been trading marginally within the price range. For the past two weeks, BCH has not trended, the price only fluctuates in a range. On the upside, if the bulls break the $550 high, a rally to $720 is likely. BCH can further decline to $360 if the $440 support is breached. Although, a downward movement of price is not expected as price is on the upside.

Bitcoin Cash indicator reading 

BCH is above the 40% range of the daily stochastic. This indicates that the market has bullish momentum. The price is at level 57 of the Relative Strength Index period 14. It indicates that the altcoin is in the uptrend zone and above the centerline 50.

Technical indicators:  

Major Resistance Levels – $750 and $800

Major Support Levels – $450 and $400

What is the next move for Bitcoin Cash?

BCH upward move is insignificant as the price will retrace to the range-bound zone. On March 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 1.272 Fibonacci extensions or the high of $558.85 and reverse. On March 10, the bearish candlestick confirmed Fibonacci tool analysis. The market has reached level 1.272 Fibonacci extension and pulled back to $520 low.  

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