Bitcoin Cash Price Fluctuates, But Is Still Above $470

The price of Bitcoin Cash (BCH) has lost its bullish momentum and has fallen below the 21-day SMA support.

Bitcoin Cash price long-term analysis: bullish

The bearish momentum could continue to the lows above the 50-day SMA. If the downtrend falls below the 50-day SMA, the uptrend will end. BCH will then fall much more sharply and reach a low of $380. 

In the meantime, the price of the cryptocurrency has fallen below the 21-day SMA, but is still above the 50-day SMA. The downtrend is now gradual due to the doji candlesticks. BCH could drop to a low above the 50-day SMA support or $380.

Bitcoin Cash indicator reading

After the recent decline, the price bars are now between the upward moving average lines. The 21-day SMA support has been broken and the 50-day SMA support could soon be broken as well.

On the 4-hour chart, the price bars are below the downward sloping moving average lines, indicating a decline.

Technical Indicators

Key Resistance Zones: $520, $540, $560

Key Support Zones: $400, $380, $360

What is the next direction for BCH/USD?

Bitcoin Cash is falling below the moving average lines on the 4-hour chart. On July 13, as Coinidol.com wrote, the price dip, represented by a retraced candlestick body, tested the 61.8% Fibonacci retracement level. The retracement suggests that BCH will fall to a low of $479.24, which corresponds to the 1.618 Fibonacci extension.

Meanwhile, the cryptocurrency signal is bearish as the altcoin falls below the moving average lines.

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