Coinidol.com: Bitcoin Cash Declines as It Loses Its $560 Support

Bitcoin Cash (BCH) has continued its downward trend after falling below the $560 support level.

Bitcoin Cash price long-term analysis: bearish

Since January 20, the altcoin had traded above $560 but remained below the moving average lines. Buyers made two unsuccessful attempts to push the price above the moving average lines, resulting in further decline.

Yesterday, the altcoin fell to a low of $543 after losing the $560 support. If bearish momentum persists, BCH may decline further to its low of $502. BCH is currently at $545.

Technical Indicators

• Key Resistance Zones: $600, $650, $700

• Key Support Zones: $500, $450, $400

Bitcoin Cash price indicators reading

The moving average lines are turning downward. The 21-day SMA has crossed below the 50-day SMA, indicating a decline. The crypto price has continued its downward trend after encountering resistance at the 50-day SMA. The moving average lines are sloping downwards, and the price bars are below them. The 21-day SMA is below the 50-day SMA, indicating that the cryptocurrency continues to decline.

What is the next direction for BCH/USD?

The price of BCH has begun to fall after breaking the $560 support level. On the 4-hour chart, the cryptocurrency was trading above $560 but below the $600 high. The bears have broken the $560 support, and the altcoin continues to decline. The cryptocurrency price has paused its drop after reaching a low of $532.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.