Bitcoin Cash (BCH) price is in a downtrend, falling to $110.07.
Today, BCH is trading above the $110 support, which is the historical price level from August 19. The cryptocurrency is now trading in a narrow range.
The upside is limited by the 21-day line SMA. This was confirmed on September 24 and 27, when the price was rejected at the recent high. The altcoin is trading in a narrow range between $110 and $120. On the upside, a price rise above the current support will catapult BCH above the moving average lines. Conversely, BCH will fall further to the low of $96 if the current support is breached.
The cryptocurrency is at level 44 of Relative Strength for the period 14. It is in a downtrend as it falls back to the previous low. BCH The price bars of the cryptocurrency are below the moving average lines, which indicates a further price decline. The price of the cryptocurrency is below the 20% range of the daily stochastic. The altcoin has fallen into the oversold zone of the market. The market will resume its upward movement.
Key resistance zones: $130 and $150
Key support zones: $120 and $100
BCH The downtrend of Bitcoin Cash has reached its bearish exhaustion. The cryptocurrency's price is hovering above the current support for a possible upside move. Meanwhile, the downtrend from September 13 has shown a candlestick body testing the 78.6% Fibonacci retracement level. The retracement suggests that BCH will fall to the Fibonacci extension level of 1.272 or $110.62.
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.