In this Bitcoin Cash price outlook, if the bulls overcome the first resistance and sustain the price above the EMAs, BCHUSD will rise and retest or break the overhead resistance level.
BCHUSD Chart
Bitcoin Cash (BCH) price was in a bullish trend zone yesterday. After a downward correction below the 12-day and the 26-day Exponential Moving Averages (EMAs), the price resumed an upward move above the EMAs, but the BCH bulls were facing resistance at the $420 price level.
On the upside, if the bulls are able to overcome the first resistance and the price is sustained above the EMAs, the Bitcoin Cash price will rise and retest or break the overhead resistance level. From the Fibonacci retracement tool, Bitcoin Cash price is in the support level of the 0.382 Fib. retracement level.
What is more, if the bulls defend the 0.382 Fib. retracement level, the BCH price will be in bullish momentum. The price of Bitcoin Cash is already in the continuation zone of 0.236 and 0.382 Fib. retracement level. In the meantime, Bitcoin Cash price is in the oversold region of the daily stochastic while above the 20% range. This is an indication that BCH price is in a bullish momentum and also a buy signal.
BCHUSD Chart
Looking at the 1-hour chart, BCHUSD price is in a sideways trend. The 12-day and the 26-day EMAs are horizontally flat indicating the sideways trend. On June 13, BCHUSD price reached a high of $420 but the bulls met resistance and it dropped to the support of the 12-day EMA.
BCHUSD price is rising to retest the first resistance. In the meantime, BCHUSD price is in the overbought region of the daily stochastic while below the 80% range, thus indicating that the price is in a bearish momentum and also a sell 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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