Over the past week, the price of Bitcoin Cash (BCH) has risen from the USD 600 support and increased significantly.
Bitcoin Cash is expected to continue rising towards at least $ 850 and possibly even higher thereafter.
The weekly chart shows that BCH rebounded significantly in the week of February 8-15, hitting a high of $ 754. This is BCH’s highest price since July 2018.
Despite the uptrend, BCH remains far from the key resistance area at $ 1,160. This is both the 0.618 fib retracement level from the previous downward move and a horizontal resistance area. If it manages to move above it, the next resistance will be found at $ 1,840.
Despite the bearish divergence of the weekly RSI, both the MACD and the stochastic oscillator are rising. The RSI is still trending above 70.
The trend appears to be bullish and BCH is likely to hit the $ 1,160 resistance area.
Trader TheEuroSniper says BCH has fallen sharply and will soon catch up with the rest of the market. He has outlined a strong area of resistance near $ 1,600. The level lies between the two resistance zones outlined above.
The daily chart also supports the continuation of the uptrend. It broke out above the USD 600 resistance area and confirmed support on February 15th. After that he left a very long lower wick.
MACD, RSI, Stochastic Oscillator are all turning up, showing an uptrend and BCH is likely to move higher.
The wave count shows that BCH is in wave three (white) of a long-term bullish impulse that began in December 2020.
The number of partial waves is shown in orange and shows that BCH is in the fifth and last partial wave.
The most likely target for this move is between $ 850 and $ 860. This range is determined using the length of the first wave of 1.61 (white) and the length of the sub-wave 1-3, which is projected onto the lower end of the fourth wave (orange).
The BCH / BTC chart shows that the price has been moving along a descending resistance line since March 2019. Currently the line coincides with the resistance area of ₿0.025. As long as BCH is trading below this line, we cannot consider the trend bullish.
However, technical indicators show that the trend is likely to be reversed. The weekly RSI has produced a significant bullish divergence, the Stochastic Oscillator has produced a bullish cross and the MACD histogram has just crossed into positive territory.
As such, BCH is expected to rebound towards ₿0.025 and a breakout is likely. If so, the closest resistance is found at ₿0.046.
Bitcoin Cash is expected to continue rising towards $ 850 and a breakout above that level is likely.
BCH / BTC is expected to rise towards 0.025 and a breakout is likely to attack the ₿0.046 level.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
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