Bitcoin Cash Declines Sharply, May Breach Support at $200

Today, September 23, Bitcoin Cash (BCH) is trading at $215 at the time of writing. The price rebounds from the recent low.

Bitcoin Cash price Long-term Analysis: Bearish

About 48 hours ago, BCH price dropped to $207 and the price was corrected upward. Before now the crypto has been trading between $230 and $235. 

Recently buyers attempted to push BCH price above the $235 high. The failure of buyers to sustain the upward move resulted in a massive downward move. Sellers broke the $230 support and the price slumped $224 low.

After retesting the $228 high, the BCH coin plunged to $207 low. The price was corrected upward as the coin rebounded from the recent low. Today, September 23, the crypto is trading at $215 at the time of writing. 

A day before, the price retested the $220 high and commenced the downward move. It is most likely that the bears will revisit the previous low at $200. This low is the critical support level that has been holding since March 2020.

Bitcoin Cash Indicator Reading 

The price is facing rejection at the 12-day EMA. This indicates that the coin will continue to fall. The 12-day and 26-day EMAs are sloping downward indicating the downtrend. BCH is below the 30% range of the daily stochastic. It indicates that the crypto has bearish momentum.

Key Resistance Zones: $440, $480, $520

Key Support Zones: $200, $160, $120

What Is the Next Move for Bitcoin Cash (BCH)?

Sellers are gradually closing up at the critical support of $200. On the other hand, buyers have been defending it for the past six months. BCH will resume an upward move if buyers succeed in defending critical support. However, if they fail, BCH will further decline. A green retraced candle body tested the 78.6 % Fibonacci retracement. It indicates that BCH will fall and reach a low of 1.272 Fibonacci extension level or $180 low.

Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.