Bitcoin Cash Retraces above $128 Support as Bulls Attempt to Breach Recent High

Aug 03, 2022 at 08:30 // Price
Author
Coin Idol
BCH will be forced to move sideways

Bitcoin Cash (BCH) is trading in the bullish trend zone as the price breaks above the moving average lines. On August 02, the cryptocurrency sank above the moving average lines as it made another upward move.

In the July 29 uptrend, the altcoin reached the high of $164 but was pushed back. BCH resumes the uptrend and reaches the resistance at $160. If the bulls break the resistance at $160, the market will rise to the high of $210. Conversely, BCH will be forced to move sideways if it turns away from the resistance zone at $160. BCH is in the overbought zone. The altcoin will rise if it reaches the high of $136.86. 

Bitcoin Cash indicator reading 

The cryptocurrency is at level 55 of Relative Strength for the period 14. BCH is in the upward zone and will continue to rise. The price of the cryptocurrency is above the 21-day line SMA, but below the 50-day line SMA, indicating a possible movement within a trading range. BCH is above the 40% area of the daily stochastic. This suggests that the market is in a bullish momentum. 

BCHUSD(Daily+Chart+)+-+August+3.png

Technical Indicators:

Key Resistance Zones: $130 and $150

Key Support Zones: $120 and $100 

What is the next move for Bitcoin Cash?

Bitcoin Cash is back in an uptrend after the recent decline. On the downside time frame, the price of BCH needs to rise above the moving average lines before it starts to grow again. The altcoin could decline if it encounters rejection.

BCHUSD(4++Hour+Chart)+-+August+3.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are 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.

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