Bitcoin Cash Swings Around the $600 Mark

Since December 19, the price of Bitcoin Cash (BCH) has been trading above the moving average lines.

BCH price long-term analysis: bullish

The cryptocurrency has fluctuated above these lines but remained below the $600 resistance level. On December 19 and 27, buyers broke through the $600 resistance, pushing the price to a high of $636.

However, they were unable to sustain the bullish momentum, and the price slipped back above the moving average lines. Today, BCH is trading in a narrow range above the moving average lines but below the $600 resistance. If bears break through the 21-day SMA support, BCH will likely fall to a level above the 50-day SMA, or $559. BCH is currently at $596.

Technical Indicators

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  Key Resistance Zones: $600, $650, $700

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  Key Support Zones: $500, $450, $400

BCH price indicators reading

The BCH price has remained above the upward-sloping moving average lines for the past two weeks. The extended candlestick wicks indicate significant selling pressure at the most recent peak. On the 4-hour chart, however, the price bars are below the upward-sloping moving averages.

What is the next move for BCH/USD?

BCH has fallen below $600 but continues to move within a range in the bullish trend zone. On the 4-hour chart, the upward trend has been capped by resistance near $600 or the moving average lines.

Currently, the cryptocurrency price has broken below the 21-day SMA. BCH will recover to its previous high of $630 if buyers keep the price above the moving average lines.

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.