Bitcoin cash price is up after a downside correction and it is approaching the $300 resistance level. Will the bulls break this resistance level?
Yesterday, November 5, the price of Bitcoin Cash (BCH) was trading in a bullish trend. After a downside correction, the bulls found support near the $280 and $285 levels. Bitcoin Cash price is now moving higher and it is trading above the $295 level.
On the upside, if more buyers emerge, he bulls could break the initial resistance at the $320 price level, and approach to retest the $330 and $340 resistance levels.
On the other hand, if the bulls fail to break the initial resistance, the primary support holds ground at $280 while $275 levels. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the price of BCH is in a bullish trend. It seems like it could soon surpass the $300 resistance and climb towards the $320 level in the short term.
On the downside, an initial support is near the $292 level. However, the main support for the bulls is near the $285 and $280 levels. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
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.
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