Bitcoin Cash Resumes Uptrend, Poises To Breach $950 Resistance Zone

Apr 28, 2021 at 10:15 // News
Coin Idol
Bullish momentum might resume and push BCH above $1,000 resistance

Bitcoin Cash has recovered from the recent downtrend to a high of $930. The altcoin had earlier fallen from the high of $1,216 to a low of $692.

It is trading above the $800 support but could not sustain above the $950 resistance zone. If BCH retraces and finds support above the 21-day SMA, it indicates that the uptrend will resume again. Perhaps, the bullish momentum will resume and push BCH above $1,000 resistance.

The upside momentum will continue to retest or break the $1,216 overhead resistance. However, if price falls and breaks below the 21-day SMA, the market will further decline and retest the previous low at $692. The downtrend will resume to the lows of $650 or $600 if price breaks below the $692 support. In the meantime, BCH/USD is trading $872.85 in the bullish trend zone.

Bitcoin Cash indicator reading 

BCH's price is above the 21-day SMA and 50-day SMA. The market will continue to rise as long as price is above the moving averages. In the previous price action, the BCH price fell and tested the support line of the ascending channel. The downtrend will resume if the support line is breached. BCH is at level 53 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and above the centerline 50.

BCH - Coinidol.png

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 is expected to resume upside momentum as the altcoin trades in the bullish trend zone. Meanwhile, on April 16 uptrend; a retraced candle body tested the 50% Fibonacci retracement level.  The retracement implies that BCH will rise to level 2.0 Fibonacci extensions or the high of $1966.71.  

BCH - Coinidol 2 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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