Bitcoin Cash (BCH) is trading marginally above the 50-day line SMA. Over the past 48 hours, the altcoin has struggled to stay above $640 resistance.
Today, BCH is down to $633.60 and it is likely to continue downward. The cryptocurrency risks resuming a downtrend if the bears fall below the 50-day line SMA.
The 21-day line SMA has already been breached and the break of the 50-day line SMA will push BCH into the downtrend zone. In the downtrend zone, the altcoin is capable of falling downwards. If the 50-day line holds against it, BCH /USD will dive back into a trading range between $600 and $680. BCH has been in a trading range since the collapse on September 7.
The cryptocurrency is at the 47 level of the Relative Strength Index for period 14. Bitcoin Cash is in a downtrend zone and below the centre line 50. The altcoin is in a position to fall to the downside. The cryptocurrency value is below the 80% range of the daily stochastic. This suggests that BCH is in a bearish momentum as it is rejected at $640.
Major Resistance Levels - $1,800 and $2,000
Major Support Levels - $600 and $400
Bitcoin Cash is in a fluctuation range between $600 and $680. The bears previously pushed the cryptocurrency price to the low of $600 while the bulls bought the dips. The bulls failed to push the price past the $640 high as it consolidated in the middle of the price range.
Disclaimer. This analysis and forecast are the personal opinions of the author and are 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.