Coinidol.com: Bitcoin Cash Falls and Finds Support Above $580

Bitcoin Cash (BCH) has dropped below the moving average lines.

BCH price long-term analysis: bearish

The cryptocurrency was rejected twice at the $660 level, and buyers were unable to push the price higher, resulting in a decline. BCH is currently trading above the 50-day support but below the 21-day SMA barrier. The cryptocurrency has resumed its bullish trend above the 50-day SMA support. It will return to its previous high of $660 if buyers maintain the price above the 21-day SMA barrier.

If the 50-day SMA support is breached, BCH could fall further to $536. Meanwhile, buyers are attempting to push the price above the moving average lines. The BCH price is $624.

Technical Indicators

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

• Key Support Zones: $500, $450, $400

BCH price indicators reading

The extended candlestick wicks at the $660 level indicate significant selling pressure at the recent peak. The price bars are positioned between the upward-sloping moving average lines. When the moving average lines are broken, the altcoin will begin to trend.

On the 4-hour chart, the price bars are located between the horizontal moving average lines. BCH will resume its bullish trend whenever it breaks above the moving average lines.

What is the next direction for BCH/USD?

BCH is recovering after a recent drop above the $580 support level. On the 4-hour chart, the altcoin is trading above the $580 support level but below the moving average lines.

Today, the altcoin resumed its bullish ascent, breaking above the 21-day SMA level. If the altcoin breaks above the 50-day simple moving average, it will move upward. Otherwise, it will be compelled to a  range above the $580 support.

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.