The price of Bitcoin Cash (BCH) has been confined to a range of $460 to $580 since October 10.
Bitcoin Cash price long-term analysis: ranging
On the weekly chart, the BCH price has remained between the 50-day SMA support and the 21-day SMA resistance. Today’s price movement has been stable in the middle of this range. The altcoin will trend once either the 50-day SMA support or the 21-day SMA resistance is breached. Neither the bulls nor the bears currently have the advantage.
On the downside, if the bears gain control and push the price below the 50-day SMA support, BCH will fall to a low of $445. The cryptocurrency is trading at $497 at the time of writing.
Technical Indicators
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Key Resistance Zones: $600, $650, $700 -
Key Support Zones: $500, $450, $400
Bitcoin Cash price indicator reading
The cryptocurrency price has been stuck between the moving average lines for the past month. The moving average lines have an upward slope, indicating the previous uptrend. The extended candlestick tail above the 50-day SMA support suggests significant buying pressure. On the 4-hour chart, the moving average lines are horizontal, indicating a sideways trend.
What is the next direction for BCH/USD?
Bitcoin Cash’s price has stalled above the $460 support level as the cryptocurrency begins a downward swing. BCH is currently trading above the $460 support but below the $530 resistance level.
Today, buyers are keeping the price above the moving average lines but are being repelled. The cryptocurrency is now trading below the moving average lines on the 4-hour chart.
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/bch-continues-downward-swing/
