Bitcoin Cash (BCH) Price Analysis – April 7
Following the positive move during the last week, Bitcoin Cash markets have been maintaining a bullish sentiment due to a sharp surge in Bitcoin’s market, which has a high impact on most currencies. Currently, BCH is up by 7.10% with price trading at around $310 level. At any moment from now, another price break is expected to send BCH to the next level.
Resistance levels: $385, $400, $420
Support levels: $340, $320, $300
Bitcoin Cash followed a bullish flag pattern after remaining on a long decline. Since the past four days, BCH has been moving within a channel range due to surge volatility. The actual picture of a side-ways move is revealed at the zero level of the 4–hours MACD. Looking at the indicator now, a divergence move is slowly signaled, but the market is yet to follow the potential bearish more.
A possible fall, however, could drop the coin to a low value of $340, $320 and $300 supports; breaking the lower trend line. The 4-hours Stochastic RSI nears the overbought region indicate an exhausting buying momentum. At the same time, a successful breach up on the channel likely if we experience another.
After trending on a medium-term bearish, Bitcoin Cash saw a surge in early April to the high of 0.065 SAT resistance level before a slight drop near 0.55 SAT. Now, BCHBTC has formed a bullish flag pattern; respecting the trend lines. Trading is gradually reaching the angle of the trend line; another surge in volatility is expected to take price to the next wave. In fact, the 4-hours MACD is revealed on a downward move.
For a bullish spike, the closest resistance level lies at 0.065 SAT. A further rally up could possibly meet a new monthly high at 0.07 SAT and 0.075 SAT resistance levels. On the other hand, a bearish move is likely to visit a quick supports at 0.055 SAT and perhaps 0.05 SAT and 0.045 SAT. The 4-hours Stochastic RSI suggested a selling pressure. However, the bullish flag formation is commonly followed by a break-up. Mind you, the trend may eventually take a reverse play.
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