Bitcoin Cash has continued its impressive moves as price rallied to $825 high. For the past week, BCH/USD price has been making a series of higher highs and higher lows in its upward move.
For instance, each higher high will be broken by the next higher high as the altcoin pushes on the upside. Today, BCH is retracing from the recent high after the uptrend was interrupted.
Presently, Bitcoin Cash is trading in the overbought region of the market. On the downside, the current retracement may extend to the low of $720. Nonetheless, if the $720 support holds, the upside momentum will resume. Buyers will attempt to push BCH above the $840 resistance. If they are successful, BCH will attain a new high of $960.
BCH/USD is still above the 80% range of the daily stochastic. However, the stochastic bands are sloping downward indicating a price fall. The altcoin is at level 73 of the Relative Strength Index period 14. It indicates that BCH has no room to resume on the upside as the market reaches the overbought region.
Major Resistance Levels – $850 and $900
Major Support Levels – $450 and $400
BCH price has broken the initial resistance at $700 as price resumes upside momentum. The Fibonacci tool has indicated an upward movement of the price. On April 7 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH will rise to level 1.618 Fibonacci extensions or the high of $799.65. Bitcoin Cash has rallied to the Fibonacci level; the market is falling on the downside.
Disclaimer. This analysis and forecast are the personal opinions of the author that are 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.