Bitcoin Cash Risks Further Decline in Fight Against Resistance at $290

May 04, 2022 at 11:20 // Price
Coin Idol
The upward movement is hindered by resistance at $290

The Bitcoin Cash (BCH) price is in a downtrend as the price hit a low of $267 on April 30. The altcoin has fallen to the historical price level of March 7.

Bitcoin Cash price long-term analysis: bearish

In the last five days, the altcoin has held above the current support. The cryptocurrency will continue its uptrend and regain the previous highs of $340 and $380 if the current support holds. 

Currently, the upward movement is hindered by resistance at $290. If the bears get the upper hand, selling pressure will resume, with BCH likely to fall further to the low of $259. On the upside, buyers are struggling to break through resistance at $290. Selling pressure will continue if $290 resistance is not broken.  

Bitcoin Cash indicator value 

 BCH has fallen to the 40 level of the Relative Strength Index for the period 14. The altcoin is in a downtrend and faces rejection at the $290 high. BCH is below the 20% area of the daily stochastic. This indicates that the altcoin has reached the oversold area. Buyers are expected to emerge in the oversold area to push prices higher. The 21-day line SMA and the 50-day line SMA are sloping downwards, indicating a downtrend.

BCHUSD( Daily Chart ) - April 4.png

Technical Indicators:

Key resistance zones: $800, $820, $840

Key support zones: $400, $380, $360 

What is the next move for Bitcoin Cash (BCH)?

Bitcoin Cash is in a downtrend and the altcoin risks another downward move. Meanwhile, on April 11, the downtrend; a retreating candlestick tested the 50% Fibonacci retracement level. The retracement suggests that BCH will fall to the 2.0 Fibonacci extension level or $200.28.

BCHUSD( Daily Chart 2) - April 4.png

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.

Show comments(0 comments)