Buyers are making frantic efforts to break the resistance at $540. Today, the price broke the resistance to reach a high of $547 but BCH was resisted.
The market dropped to $510 low and it made another upward move. Buyers are facing selling pressure at the $540 resistance zone. The bottom line is that the market will receive accelerated price movement once the resistance at $540 is breached. The bulls are yet to break the $540 resistance level since January 10 breakdown.
In the meantime, BCH is trading above the $530 support. If price rebounds above the current support and the bullish momentum are sustained, the $540 resistance will be broken. The bullish momentum will extend above $600 high. Conversely, BCH will be compelled to a range-bound movement between $480 and $540 if the bullish scenario fails.
BCH has made a further push to level 64 of the Relative Strength index period 14. It indicates that the price is approaching the overbought region. Besides, the crypto has not enough room to rally on the upside. The price bars tests and bounces above the trend line. It indicates that the uptrend is ongoing.
Major Resistance Levels – $580 and $620
Major Support Levels – $400 and $360
In recent times, BCH has been making positive moves. A rally to the previous high will follow if the current resistance is breached. On February 10 uptrend; the retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 2.0 Fibonacci extensions. In other words, BCH will rise to a high of $649.11.
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.