The price of Bitcoin Cash (BCH), which resumed its uptrend, is in the zone of uptrend.
Before encountering resistance, the cryptocurrency's price recorded higher highs and higher lows. The altcoin encountered resistance at its high of $135 and fell to its low of $125. The market has entered an overbought zone, which is hindering the upside movement. On the upside, BCH will rise to $152.90 if resistance at $135 is broken. On the other hand, if the uptrend is stopped at the recent high, the altcoin will fall. BCH will fall to a low of $110 over time. BCH has regained a lot of momentum and is approaching the $135 resistance level today.
After the recent decline, BCH is currently at level 66 of the Relative Strength Index for period 14. As the cryptocurrency is in the bullish trend zone, it will continue to rise. The price bars are above the moving average lines, which indicates that the price will continue to rise. Below the daily stochastic threshold of 50, the cryptocurrency is in a bearish momentum.
Key resistance zones: $160, $180, $200
Key support zones: $120, $100, $80
On the 4-hour chart, Bitcoin Cash has fallen below the 21-day line SMA, while it has risen above the 50-day line SMA. The cryptocurrency asset will be forced to move in a range between the moving average lines. When the moving average lines are broken, the altcoin will trend. The altcoin is currently declining and approaching 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.