The price of Bitcoin Cash (BCH) is declining but trading sideways.
BCH price long-term analysis: bearish
On November 4, sellers pushed the price down to $460, but buyers are attempting to keep it above the moving average lines to enable further increases. BCH is likely to remain range-bound between the moving average lines. If the bears break below the 50-day SMA, BCH could fall to its low of $445. If the bulls maintain the price above the 21-day SMA, BCH could reach a high of $600.
Technical Indicators
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Key Resistance Zones: $600, $650, $700 -
Key Support Zones: $500, $450, $400
Bitcoin Cash indicator reading
On the weekly chart, the price bars are positioned between two moving average lines, indicating that the cryptocurrency will be constrained to move within this range. The moving average lines are sloping upwards, reflecting the previous trend. On the 4-hour chart, the price bars are located between the downward-sloping moving average lines.
What is the next direction for BCH/USD?
Bitcoin Cash is trading in a narrow range on the 4-hour chart. It is above the 21-day SMA but below the 50-day SMA. On 7 November, momentum was halted at the most recent high. For the past 48 hours, the cryptocurrency price has remained below the 50-day SMA barrier. The rally will continue above the 50-day SMA.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/bitcoin-cash-surge-stalls/
