Bitcoin Cash Faces Rejection at $500 as the Altcoin Consolidates above $475

Today, Bitcoin Cash (BCH) is rallying as buyers push the cryptocurrency to a high of $481.97 at the time of writing. There is a possibility of further upside if the bullish momentum continues.

Nevertheless, BCH/USD was affected by the downward momentum on December 4. The altcoin plunged to a low of $365, but the bulls bought the dips. Nonetheless, BCH is recovering, but there is a long candlestick tail pointing above support levels. The long candlestick tail indicates that these support levels are under heavy buying pressure. We therefore expect prices to rise again.

Bitcoin Cash indicator reading

BCH is at level 35 on the Relative Strength Index for period 14. The altcoin was previously in the oversold region, but buyers are emerging to drive prices higher. The price of the cryptocurrency is below the moving averages, while BCH reaches the high of $481. The cryptocurrency price is in the bullish trend zone when BCH is above $580. The market is above the 40% area of the daily stochastic.

Technical Indicators

Key Resistance Zones: $800, $820, $840

Key Support Zones: $500, $480, $460

What is the next move for Bitcoin Cash?

Bitcoin Cash is in a downtrend as the altcoin has reached its bearish exhaustion. Meanwhile, on November 18, the downtrend has seen a retreating candlestick testing the 61.8% Fibonacci retracement level. This retracement suggests that BCH will fall to the 1.618 Fibonacci Extension level or $425.55. 

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 funds.