Bitcoin Cash is trading at the key support area and may see a reversal from here. The uptrend is still intact, and prices may see a reversal soon.
Weekly BCH prices are trading at the key support area after it lost its support of the 61.8% Fib level. Currently, weekly prices are trading under the 9 days SMA, 21 days SMA, and 49 days SMA denoted by the blue line, white line, and green line respectively in the below-given chart.
RSI is at 40.67, which is a neutral signal. On the other hand, Stoch RSI is indicating that the prices are oversold, and momentum may change.
Daily BCH prices have successfully done S/R (Support/Resistance) flip of a weekly key support area at $202. Prices are currently supported by the 9 days SMA and 21 days SMA denoted by the blue line and the white line respectively.
9 days SMA has made a Golden Cross with the 21 days SMA, indicates that the short-term daily prices may test the resistance at 38.2% Fib level, i.e., $222 from the current level of $204. RSI is at 50.98, giving the neutral signal, and Stoch RSI is at overbought zone.
Laying Ichimoku Kinko Hyo over the 1D time frame, the following things can be observed:
- Bitcoin Cash price is trading below the Kumo, bearish.
- Prices were trading below the Tenkan Sen (blue line) and Kijun Sen (red line) previously, but currently, it is trading above them, and bullish TK cross (Tenkan Sen crossing upwards to Kijun sen) can be seen. Prices may try to test the resistance at Senkou Span A, i.e. $222, which also coincides with the 38.2% Fib level.
- Chikou Span and price candles are just above the 23.6% Fib level, and it is acting as a support.
Weekly prices are supported by the key support area at $202, and trading just above it, weekly Stoch RSI and daily price levels are indicating that the prices may bounce from here to test the resistance at daily 38.2% Fib level, i.e., $222. Overall, Bitcoin Cash price is still in an uptrend which started around Dec 2018.