Bitcoin Cash gave more than 2 times of return from its initial trading value of $350 – $400. The current levels of $970-$1000 is already giving me goosebumps, hope it’s same for many investors.
So, Will it cross the $1200 level???….another 20% increase over the current level!!!
Looking at the moving averages, the ribbon is expanding at the current level. Still, there is a strong bullish movement trends. From the start of this trend, there has been no single signal on trend reversal.The 20 period moving average line never crossed other 25, 30, 35, 40, 45, 55 -period moving average line. This indicates strong positivity for current trend.
Looking at 45-minute chart, there is resistance at $1010-$1020 level. Currently, it is fighting to break that. After that there is no hurdle till $1200.
However, switching to a 5-minute chart, there is resistance level at $1140 and then at $1270-$1280. If the coin breaks the current resistance level, there is no hurdle for a next 20% jump and making it cross the $1200 level.
On the downside, the coin has support level at $840-$850 and next support at $740 level.
Please note, these support levels cannot be termed as strong because very high volatility in the market.