Bitcoin Cash has been confined between $510 and $550 as bulls and bears continue the price tussle since March 15. Today, BCH price is rising above the $510 support after the bears fail to breach the lower price range. The range-bound move would have been terminated if the bears have broken the $510 support.
The crypto would have fallen to a $480 low. The price fluctuations will continue as long as the range-bound levels remain unbroken. However, in the past three days, the altcoin has been trading in a tight range between $510 and $530. The current upward move is likely to face resistance at $530. Bitcoin Cash may encounter a breakout or breakdown as price fluctuations narrow down in a tight range.
BCH price has broken below the 21-day and 50-day SMA which indicates that the altcoin is capable of falling on the downside. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend. The altcoin is in a bullish momentum above the 40% range of the daily stochastic.
Major Resistance Levels – $750 and $800
Major Support Levels – $450 and $400
BCH/USD price is presently in a sideways trend. The altcoin is rising after falling to the $510 support. The sideways move will continue if the upward move faces rejection. Meanwhile, on March 21 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BCH will fall to level 1.272 Fibonacci extensions or the low of $505.39. Today, the price action has confirmed level 505.39.
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.