Today, BCHUSD price has risen from $440 to $500. However, the bulls met resistance at the $500 price level and dropped below the EMAs. Will it rise to retest the overhead resistance level again?
Bitcoin Cash Price Outlook
In retrospect, Bitcoin Cash (BCH) price was in a bullish trend last week. On June 22, the bull broke the $440 resistance level and Bitcoin Cash price tested the high of $500. However, the bulls met resistance on June 23, and the price went on a downward correction to the support of the 26-day Exponential Moving Average (EMA). On the upside, if the 26-day EMA support level holds, Bitcoin Cash price will rise to retest the $500 overhead resistance level.
In the meantime, from the Fibonacci tool, the price of BCH has retraced and broken the 0.236 (23.6%) Fib.retracement level. The BCH price retraced to the support of the 0.382 (38.2%) Fib. retracement level. The bulls have now commenced its upward move to the previous high. Nevertheless, the BCH price is in the overbought region of the daily stochastic but below the 60% range, which is an indication that Bitcoin Cash price is in a bearish momentum and sell signal.
BCHUSD Price Short-term Outlook
A look at the 1-hour chart shows that BCHUSD price is in a bullish trend. Both the 12-day and the 26-day EMAs are trending horizontally to suggest that BCHUSD price is rising. Today, June 24, the BCH price has risen from $440 to $500.
However, the bulls met resistance at the $500 price level and the price dropped to the support of the 12-day EMA and was trading below the EMAs. In the meantime, BCHUSD price is in the overbought region of the daily stochastic while above the 20% range. This suggests that BCHUSD price is in a bullish momentum and buy signal.
- Resistance Levels: $480, $500, $520
- Support Levels: $460, $440,$420
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.