In today’s Bitcoin Cash price outlook, the 12-day EMA support level is holding as the bulls make an upward move to retest the $440 overhead resistance.
Bitcoin Cash Price Outlook
Bitcoin Cash (BCH) price was in a bullish trend last week as it was making a series of higher highs and higher lows. On June 13, BCH bulls made an upward move to a high of $420 but retraced to the support of the 12-day Exponential Moving Average (EMA). Yesterday, June 16, Bitcoin Cash upward move continued as the bulls reached the $440 overhead resistance.
Nevertheless, BCH bulls met resistance at the overhead resistance as Bitcoin Cash price was in a downward correction. The Bitcoin Cash price dropped to the support of 12-day EMA. The 12-day EMA support level is holding as BCH bulls make an upward move to retest the $440 overhead resistance. From the Fibonacci retracement tool, Bitcoin Cash price is in the support level of the 0.382 Fib. retracement level.
The Bitcoin Cash price is already in the continuation zone of 0.236 and 0.382 Fib. retracement level. In the meantime, the BCH price is in the overbought region of the daily stochastic but above the 60% range. Which is an indication that Bitcoin Cash price is in a bullish momentum and a buy signal.
BCHUSD Price Short-term Outlook
Looking at the 1-hour chart, BCHUSD price is in a sideways trend. The 12-day and the 26-day EMAs are trending horizontally after the bulls met resistance at $440 overhead resistance and the $436 resistance level.
Yesterday, the resistance resulted in BCHUSD price falling to the support of the 12-day EMA. Also, the pair dropped below the EMAs to resume a range bound move. In the meantime, the BCHUSD price is in the oversold region of the daily stochastic but above the 40% range. This is an indication that the price is in a bullish momentum and a buy signal.
- Resistance Levels: $400, $425, $450
- Support Levels: $375, $350,$325
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.