Bitcoin Cash Pushes on the Upside; Can Bulls Regain the $550 Support?

On March 24, Bitcoin Cash crashed to $442.79 low and immediately pulled back. The market has corrected upward after the breakdown. The bears broke the $510 support which has been holding for the past two weeks.

BCH was earlier in a range bound move between $510 and $550. The selling pressure has caused the altcoin to decline on the downside. BCH is resuming upward after the breakdown as price reached the high of $494.58 at the time of writing. On the upside, if buyers push BCH above the $550 resistance, the uptrend will resume. Otherwise, the range-bound movement between $510 and $550 recommence.

Bitcoin Cash indicator reading 

The altcoin price is below the 21-day and 50-day SMAs which makes the price prone to fall. The Relative Strength Index is at level 43 which indicates that price is in the bearish trend zone. The market is also above the 40% range of the daily stochastic. It indicates that price is in the bullish momentum.

Technical indicators:  

Major Resistance Levels – $750 and $800

Major Support Levels – $450 and $400

What is the next move for Bitcoin Cash?

BCH/USD has been in a downward move. Meanwhile, on March 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH will fall to level 1.618 Fibonacci extensions or the low of $438.31. From the price action, BCH fell to $442.79 low and resumed upward. The downtrend will resume if the bulls fail to break the recent high.

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.