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Technical Analysis for BCHUSD for 19th April 2023

BitcoinCash is Bullish, More Upsides Expected Above March Highs

Past Performance of BCH

BCH prices remain wavy inside a bull flag from the range defined from December to April 2022. For now, traders can look to ride the uptrend from a top-down preview. However, this will largely depend on the reaction of prices at around $136, marking March and April highs. On the lower end, support is at around $130.

BitcoinCash Technical Analysis

The recovery of prices from mid-March shapes the current price action. There is a double top though the trend is negative slanting. Resistance is around the $136 zone, while support flashes with the high of April 3. The bar is bullish, engulfing, and wide-ranging, which initiated the recent breakout and drive to spot rates. Therefore, unless there is a comprehensive push above $136 and the resistance trend line, the odds of contraction below $130 towards $120 remains high. If bulls take charge, BCH may float to Q1 2023 high of $145.

What to Expect from BCH

BCH remains volatile and moving inside a tight trade range, as seen in the past two days. Still, bulls have the upper hand. Buyers from mid-March 2023 could spill over, providing the impetus for a leg up toward $145 in a refreshing bull trend continuation.

Resistance level to watch: $136

Support level to watch: $130

Disclaimer: Opinions expressed are not investment advice. Do your research.

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