Bitcoin Cash Rallies, Battles the Next Resistance at $680

Bitcoin Cash Rallies, Battles the Next Resistance at $680

April 7, 2021

Bitcoin Cash is falling after reaching the $700 resistance zone. BCH fell to the low of $620 and pulled back. The pullback is not sufficient to resume the upside momentum as sellers threaten to short.

The price is falling and may reach the previous low at $620. On April 4, BCH rebounded above the $520 support and rallied to the $700 resistance zone. Buyers could not sustain the bullish momentum as price fell to the $620 low. 

In the previous price action, the bulls were able to break the $550 and $600 price levels. Nonetheless, the altcoin is fluctuating between $600 and $680. On the upside, if buyers can push BCH above $680 high, BCH will rally above $750. The altcoin will be out of the bear market as bulls take control of the price. Conversely, if the bears break the $620 support, BCH will fall to the range-bound zone.

Bitcoin Cash indicator reading 

BCH/USD is above the 80% range of the daily stochastic. It indicates that price has reached the overbought region. Sellers are emerging to push prices down. Meanwhile, the altcoin price is above the moving averages which indicate the resumption of upward movement of price.

Technical indicators:  

Major Resistance Levels – $750 and $800

Major Support Levels – $450 and $400 

What is the next move for Bitcoin Cash?

BCH/USD is now fluctuating between $600 and $680 price levels. On April 2 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 $694.43. From the price action, BCH has tested the Fibonacci 1.618 extension. The altcoin is presently retracing from the recent high. 

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.

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