The price of Bitcoin Cash (BCH) has fallen below the moving average lines after retesting the $640 resistance zone.
Bitcoin Cash price long-term analysis: bearish
The previous price action reached a high of $640 but was rejected at this level. Buyers were unable to sustain positive momentum above the $640 barrier zone.
However, a break above the $640 barrier would propel the altcoin to a high of $720. Now, BCH is facing further losses as it falls below the moving average lines. The price of the cryptocurrency is retesting the 50-day SMA to restore the positive momentum. If the altcoin is rejected at the 50-day SMA, it will fall back to its previous low of $517. BCH is currently worth $554.74.
BCH price indicators analysis
BCH’s price bars have fallen below their moving average lines. The 21-day and 50-day simple moving averages are rising despite the cryptocurrency’s decline and sideways trend. On the 4-hour chart, the moving average lines are horizontal, indicating a sideways trend.
Technical Indicators
Key Resistance Zones: $600, $650, $700
Key Support Zones: $500, $450, $400
What is the next direction for BCH?
On the 4-hour chart, BCH is trading in a sideways trend between $520 and $630. The price of the cryptocurrency has pulled back to the moving average lines. If the price falls below the 21-day SMA support, BCH will retrace to its previous low of $517. Otherwise, the altcoin will continue to trend sideways.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are 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-collapses/
