Bitcoin Cash Rises, But Struggles With The $520 Barrier

The price of Bitcoin Cash (BCH) has risen steadily above the $480 support level.

Bitcoin Cash price long-term analysis: bullish

The positive momentum surpassed the $520 resistance level for the second time but was rejected. On July 3, buyers failed to push BCH above the $520 threshold. BCH fell but found support above the 21-day SMA.

Today, BCH is experiencing a similar rejection at its recent high. If the 21-day SMA holds support, the price will retest the $520 level. The price indicator predicts that BCH will reach a high of $623.62. The market could drop below $450 if the bears break the 21-day SMA support. Currently, BCH has pulled back above the $505 support level.

BCH price indicators analysis

The moving average lines on the daily chart are gently rising northwards with the 21-day SMA above the 50-day SMA. The moving average lines have supported the uptrend. However, a break below the moving average lines would signal the end of the uptrend.

Technical Indicators

Key Resistance Zones: $520, $540, $560

Key Support Zones: $400, $380, $360

What is the next move for BCH?

After the interruption of the rally on July 1, BCH is now in a horizontal trend. The cryptocurrency price is oscillating above the moving average lines but below the $520 mark.

Today, the cryptocurrency price hit resistance and retreated. The altcoin is trading in a tight range. A price breakdown or recovery will occur as a result of the price-tight range.

On July 3, Coinidol.com reported that Bitcoin Cash has fallen back below the 21-day SMA support but remains above the 50-day SMA support on the 4-hour chart. 

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.