The price of Bitcoin Cash (BCH) is trading above the 21-day moving average line, but below the 50-day moving average line. This indicates that the cryptocurrency's price will fluctuate between the moving averages.
Moreover, the cryptocurrency will develop a trend when the moving lines are broken. Today, BCH/USD is trading at $338.38 as we write this article.
On February 10, the uptrend was stopped when the altcoin rose to a high of $360. The altcoin has retraced and returned to a sideways trend. If the price breaks the 50-day moving average line or the resistance at $360 to the upside, the market will go up to $450. Nevertheless, BCH will continue the sideways movement if the bullish scenario is invalidated. However, if the bears break below the 21-day moving average line, the altcoin will fall to a low of $270.
Bitcoin Cash's price bars are located between the moving averages, which indicates a fluctuating movement. The altcoin is at level 52 of the Relative Strength Index for period 14. The cryptocurrency is in an uptrend and is capable of moving higher. BCH is above the 50% area of the daily stochastic. This indicates that the market is in a bullish momentum.
Key Resistance Zones: $800, $820, $840
Key Support Zones: $500, $480, $460
Bitcoin Cash is in an uptrend as the price has risen above the moving averages. The current uptrend is encountering resistance at the high at $360. Meanwhile, a retracement candlestick tested the 50% Fibonacci retracement level. The retracement suggests that BCH will rise to the 2.0 Fibonacci extension level, or $453.50. The price action shows that BCH is trading below the $360 resistance level to break it.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.