Bitcoin Cash Hovers above $640 as Sellers Threaten to Resume the Downtrend

Bitcoin Cash (BCH) is in a downtrend as the altcoin fell to a low of $582. Today, the altcoin has risen to $655 as bulls have bought the dips.

In the last 48 hours, BCH has been fluctuating above the $640 support after the breakdown. Meanwhile, BCH has been moving in a range between $640 and $680. Buyers and sellers are still undecided on what to do next after the recent breakdown. If the bulls break through $680 resistance to the upside, it would signal a resumption of the uptrend. If the bears break below support at $640, the market will decline. It is possible that the downtrend will continue to the downside. Currently, Bitcoin Cash is moving in a narrow range as the bulls resume their upward movement.

Bitcoin Cash indicator reading

BCH has fallen to the 48 level on the Relative Strength Index for period 14. The cryptocurrency is in a downtrend area and below the midline 50. The altcoin is above the 25% range of the daily stochastic. This suggests that BCH is in a bullish momentum as the market consolidates above the current support.

Technical indicators:

Major Resistance Levels - $1,800 and $2,000

Major Support Levels - $600 and $400

What is the next move for Bitcoin Cash?

After the recent breakdown, BCH has resumed its trading range above $640 support. Buyers and sellers are undecided on where to go from here as the altcoin continues to fluctuate above the current support.

Disclaimer. This analysis and forecast are the personal opinions of the author and are 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 funds.