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.
BCHUSD, 4H Chart – April 7
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.
BCHBTC, 4H Chart – April 7
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.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
The post Bitcoin Cash Follows a Bullish Flag Formation, a Price Break Is Expected appeared first on FXTimes.com – Daily Cryptocurrency and FX News .
This is a syndicated post from https://www.cryptovibes.com/crypto-news/bitcoin-cash-follows-a-bullish-flag-formation-a-price-break-is-expected/