Coinidol.com: Bitcoin Cash Continues Its Bullish Ascent Above $600

Bitcoin Cash (BCH) has continued its bullish ascent above the moving average lines, rallying to a high of $668.

BCH price long-term analysis: bullish

The cryptocurrency has maintained a pattern of higher highs and higher lows. On January 3, bullish momentum broke above the barrier at $600 but was halted at the high of $660.

Now, buyers broke through the resistance at $600, but the price retraced and regained support above this level. BCH is trading within a confined range above the moving average lines, with resistance at $660. If the current resistance is broken, BCH could reach a high of $720. BCH is currently at $639.

Technical Indicators

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

• Key Support Zones: $500, $450, $400

Bitcoin Cash price indicators reading

The price has repeatedly risen above the upward-sloping 21-day and 50-day moving average lines. Long candlestick wicks below the current high indicate significant selling pressure at higher price levels. On the 4-hour chart, the price bars are positioned between the upward-sloping moving average lines.

What is the next direction for BCH/USD?

The price of BCH has been moving horizontally after the upward trend ended around $668. Since January 5, the altcoin has retraced and regained support above its $620 low. The upward trend has been halted below the $660 high. The price has been locked in a range on the 4-hour chart, resulting in several days of persistent range trading.

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.