The price of Bitcoin Cash (BCH) is on the rise and has reached a high of $131.35 before retreating.
The cryptocurrency's value has retreated to the $126 level from Nov. 5. As the altcoin resumes its sideways movement below the resistance level, the upward momentum has weakened. BCH is still moving in the overbought zone of the market. A price rise is unlikely as the market reaches the overbought area. BCH is likely to decline due to selling pressure near the $131 peak. BCH will fall to a low of $115 in its first downturn. If the decline crosses the $115 support level, the altcoin will fall back to the previous range bound zone. BCH is trading at $124 today.
With a Relative Strength Index reading of 74 for period 14, BCH is heavily overbought. Bullish fatigue in the current upswing could cause BCH to decline. The moving average lines are above the price bars, causing the cryptocurrency to rise. Below the 50 level of the daily stochastic, BCH has negative momentum.
Key resistance zones: $160, $180, $200
Key support zones: $120, $100, $80
Bitcoin Cash is trading sideways below the $128 level. BCH is moving above the moving average lines on the 4-hour chart. Once the price breaks below the moving average lines, selling pressure will resume.
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.