Bitcoin Cash (BCH) Price Analysis – April 16
Despite a price breakout, BCH market still appeared indecisive as the price action is yet to make a significant move. A surge in volatility is expected. Following a bearish sentiment could lead to a trend reversal. However, the current signal would remain a strong bullish once the April 2 high is surpassed.
Resistance levels: $360, $380, $400
Support levels: $280, $260, $240
Breaking out of the symmetrical triangle yesterday, BCH may create a new price level above the previous resistance level. Before the breakout, the coin followed a bearish rally to $260 after a sharp buy-off in early April.
A possible swing low could hit $280 support level. Surpassing this level could walk the bear down to $180 support, crossing down the 100-day moving average (pink band). A swing high could also walk the bulls up to key resistance at $360. Above the mentioned price may possibly kick-start a bullish rally.
The 4-hours RSI is revealed below the 70 line. Resuming trend at the overbought territory may position BCHUSD in a more upward direction. A downward movement may send the pair into a bearish condition. For now, the pink band remains a strong defensive line for the buyers.
Ever since BCHBTC crossed up the 100-day moving average (pink band) in mid-March, the price action has evidently been respecting the pink band. Following the bounce up earlier this month, the crypto-asset printed a high at 0.067 BTC before correcting to 0.051 BTC, nearing the pink band.
Yesterday, Bitcoin Cash broke out of the symmetrical triangle; signaling an uptrend. However, the April 2 high needs to be broken before a bullish continuation is confirmed. A retracement move is expected at 0.058 BTC support before price shoots at 0.067 BTC resistance level and above.
If the pink band fails to defend the bear pressure, a break low could significantly fall price to 0.04 BTC support. As of now, the 4-hours RSI is trending below the overbought line.
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