Bitcoin Cash (BCH) is in a downward correction with the price fluctuating between $415 and $500. Today, BCH is trading at $436 at press time. During the December 4 slump, the cryptocurrency fell to a low of $365 as bulls bought the dips.
Over the past week, buyers and sellers are struggling to push the cryptocurrency in either direction. Bitcoin Cash will continue to fall to $365 if the bears break support at $415. In the same vein, the altcoin will rise to $580 if initial resistance at $500 is overcome. Meanwhile, BCH/USD is consolidating above the lower price at $400.
BCH is at level 34 on the Relative Strength Index for period 14, with the market approaching the oversold region where selling pressure will ease. The price of the cryptocurrency is below the moving averages, which indicates further selling. BCH is above the 30% area of the daily stochastics. Bullish momentum is volatile as the price continues to fluctuate.
Key Resistance Zones: $800, $820, $840
Key Support Zones: $500, $480, $460
Bitcoin Cash is in a downtrend as the market has reached the low of $436. The altcoin broke the previous low of $472 and came under selling pressure again. Meanwhile, the downtrend from November 18 tested the 61.8% Fibonacci retracement level with a retraced candle. This retracement suggests that BCH will fall to the 1.618 Fibonacci extension level or $433.30.
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.