BCH Price Analysis – February 19
The Bitcoin Cash (BCH) has been trading between the bull and the bear, while the price of the cryptocurrency fluctuates in the ascending channel.
Resistance levels: $480, $500, $520
Support levels: $330, $310, $290
BCH/USD is trading at $408.02 as the price moves within the channel and below the 9-day and 21-day moving averages, following the downward movement. For the time being, the market price is moving towards the lower limit of the channel and the trading volume has been issuing some sell signals as the stochastic RSI remains within the oversold zone.
Moreover, BCH/USD is expected to move above $430 resistance level and any attempt by the buyers to cancel the decline, the development of the downtrend could result in an upward trend. The purpose of this movement is for the buyers to gather enough momentum to be able to push the price to the crucial resistance levels at $480, $500 and $520. On the downside, the price could reach the critical support at $330, $310 and $290 levels.
When compared with Bitcoin, the daily chart reveals that the bears have started showing some commitment to BCH trading because of the recent rise of BTC. However, following the recent negative signs, the trend may continue to go down if the sellers continue to pump more pressure into the market.
Moreover, as the stochastic RSI moves extremely within the oversold zone, if the buyers can hold the support of 0.039 BTC, the market price may likely resume an upward movement, pushing further may take it to the resistance level of 0.045 BTC and 0.047 BTC but a bearish continuation could lower the price to 0.035 BTC and 0.033 BTC support levels.
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