Trading Signal for BITCOIN CASH for February 16 - 19, 2021: Key Level $690.00

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The Bitcoin Cash has reached the level of the month of July 2018, registering a new maximum of $771. Now, it is preparing to reach the psychological level of $1000.00.

On the 1 hour chart, we note Bitcoin Cash (BCH) is trading above the 21 SMA and very close to the Murray resistance at 8/8, around $750.00.

Given that the eagle indicator is reaching an oversold zone in 1 hour, it is very likely that there will be a new upward momentum up to the $690.00 zone, the level where the uptrend line is located, with targets at +1 / 8 from Murray at $812.00.

In the medium term, it is expected that the BCH will reach a level of $4000.00 since this was the area in which many buyers acquired their BCH assets two years ago and, it is very likely that in the coming months the BCH will negotiate at these levels.

Our recommendation is to buy above $ 690.00, with targets at $ 812.00, (8/8 of Murray) on the other hand, a break below the bullish wedge pattern around $ 680.00 we could sell with targets at $625 and $550.

Support And Resistance Levels For February 16 - 19 2021

Resistance (1) $787.00

Resistance (2) $824.00

Resistance (3) $869.00

Support (1) $630.00

Support (2) $572.00

Support (3) $530.00

The material has been provided by InstaForex Company - www.instaforex.com

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