What will be the Price Behavior of BCH if it Breaks Resistance of $250?

Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.
  • Bitcoin cash is trading between the price range between $240.00 to $260.00 from the starting of this month.
  • Currently, the price levels are battling with the major resistance level of $250.00
  • A positive breakout above $260.00 can provide significant bullish momentum to $300 for BCH.    
bch1
Source: tradingview

The technical price chart of Bitcoin cash for the year shows that the price levels have formed a support line since November 2018. Also, the support line is strictly followed and relied on by the price levels. The positive aspect is that the support line is having positive nature. On the upper side, the price levels have formed an asymmetric triangle pattern which is hopefully soon to be broken.

bch2
Source: tradingview

Looking at the aspects within the pattern, the crypto asset has three major targets to break further ahead in the market with the resistance level of $337.00, $458.00, and $683.00 respectively. Looking at the baseline, it has got a major support area ranging between $220-240 which also provided significant positive momentum to BCH while the overall market sentiments were bearish during the past month. In order to have a positive breakout outside the pattern, the bulls need to make sure that BCH makes an attempt to retest the crucial mark of $300.00 by the end of the year.

bch3
Source: tradingview

Looking at the moving averages, the EMA-20(RED) just crossed EMA-50(BLUE) confirming an uptrend on the daily uptrend. At the same time, EMA-100(YELLOW) is acting as the support line for the price levels currently. If EMA-20 manages to have a positive crossover with EMA-100(YELLOW), the digital asset can then attain new levels further ahead in the market. On the other hand, if EMA-20 nature turns negative, we can expect BCH to have a negative breakout outside the pattern.

bch4
Source: tradingview

The moving average convergence and divergence levels are expecting to have a bullish crossover which can provide positive momentum to the cryptoasset. The levels took a hit after having a bearish crossover and the price levels faced major price correction activity. However, there’s no confirmation for the bullish crossover as of now, and it’s best for the investors to wait a while for MACD to improve its levels.

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