Bitcoin Cash (BCH) price is falling due to resistance at the $112 level.
On November 9, sellers broke through the moving average lines when the altcoin hit a low of $102. Buyers responded as bulls bought the dips. BCH took an upward correction, but it was rejected by the resistance level at $112. As buyers failed to keep the price above the moving average lines or resistance level today, BCH is sliding. BCH will retest the current support at $102 to the downside. If the current support is broken, the downward momentum will continue until the price reaches a low of $87.
The Relative Strength Index for period 14 has BCH set at the value of 49. This indicates that the forces of supply and demand are in balance. The price bars are now below the moving average lines, indicating a possible decline in the cryptocurrency. BCH is currently trading below the daily stochastic level of 80. The altcoin is already in the overbought region of the market. Prices are likely to be pushed down by sellers.
Key resistance zones: $160, $180, $200
Major support zones: $120, $100, $80
BCH is currently trading in the bullish trend zone on the 4-hour chart. The market for this altcoin is overbought. The altcoin is expected to fall due to the recent rejection. The price of BCH continues to rise in the overbought zone and is holding above the 50-day line SMA.
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 in funds.