Bitcoin Cash Continues Its Uptrend Above $511

Bitcoin Cash (BCH) has maintained a pattern of higher highs and higher lows.

Bitcoin Cash price long-term analysis: bullish

On July 15, the price of the cryptocurrency hit a higher low and broke below the 21-day SMA, but the bulls took advantage of the losses.

On July 18, as Coinidol.com wrote, buyers pushed the price above the 21-day SMA and it rose to a high of $553. BCH is currently trading above the 21-day SMA. If the altcoin reaches the 21-day SMA support, it will resume its uptrend.

On the upside, BCH hopes to reach its previous high of $640. However, if the price falls below the moving average lines, the upside scenario will be cancelled out. At the time of writing, the price of BCH stands at $511.

Bitcoin Cash price indicators reading

The moving average lines are pointing upwards while the price bars form a series of upward patterns above them. On the 4-hour chart, the price bars are below the moving average, but are trending upwards. Long candlestick tails are pointing below the 21-day SMA support, indicating strong buying pressure at current levels.

Technical Indicators

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

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

What is the next direction for BCH/USD?

Bitcoin Cash is on an upswing, although it is trading between $500 and $550, below the resistance level. The price of the cryptocurrency is hanging above the $500 support level after encountering resistance at $550. If the $500 support holds, the altcoin will start to move higher. Currently, the altcoin has fallen to a low of $519.

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.