Coinidol.com: Bitcoin Cash Remains Range-Bound above $500

Bitcoin Cash price has remained above the $460 support level but below the $600 peak.

Bitcoin Cash price long-term analysis: ranging

Bitcoin Cash (BCH) has been trading sideways below $600 since October 3. Currently, the cryptocurrency is range-bound above the moving average lines but below the $600 resistance level.

For the past two weeks, price movement has been limited below the current high. BCH is experiencing selling pressure at higher price levels as cryptocurrencies remain range-bound. The price has remained stable above the $500 support. On the upside, BCH may rise but is likely to be rejected at the $620 level. BCH is currently at $578.

Technical Indicators

• Key Resistance Zones: $600, $650, $700

• Key Support Zones: $500, $450, $400

Bitcoin Cash price indicator reading

The price bars are positioned above the horizontal 21-day and 50-day moving average lines. Long candlestick wicks indicate significant selling pressure at higher prices. On the 4-hour chart, the price bars are above the upward-sloping moving average lines. The 21-day SMA is above the 50-day SMA, indicating a bullish trend.

What is the next direction for BCH/USD?

Bitcoin Cash's price is moving sideways but remains in the bullish trend zone. On the 4-hour chart, the cryptocurrency price is fluctuating above the 21-day SMA support and below the $600 resistance level. BCH may rise, but it will likely face further rejection in the market's overbought zone. The cryptocurrency will decline if it is no longer supported by the 21-day SMA.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.