Bitcoin Cash Is In A Sideways Movement As It Faces Rejection At $135

Feb 02, 2023 at 11:09 // Price
Coin Idol
BCH returns to its horizontal pattern

Bitcoin Cash price (BCH) is currently in the uptrend zone, but is rejected at $135.

Bitcoin Cash price long-term analysis: bullish

The $135 ceiling has been the stumbling block for the uptrend since January 21. Buyers have worked hard over the past week to maintain positive momentum above the resistance level. The positive momentum has faded today as BCH returns to its horizontal pattern. BCH is limited to prices between $128 and $138. BCH's potential for further upside is unlikely as the market is overbought. If the price falls below $128 support, the decline will resume to the downside. At the time of writing, BCH is currently trading at $134.06.

Bitcoin Cash indicator display

Since BCH is in the positive trend zone, it is likely to grow. The Relative Strength Index for period 14 is at 63. Price fluctuations below the resistance level have lifted the price bars above the moving average lines. Above the Stochastic level of 50 on the daily chart, BCH has positive momentum. Momentum in favor of the bulls is shaky.

BCHUSD(Daily Chart) - February 1.23.jpg

Technical indicators

Key resistance zones: $160, $180, $200

Key support zones: $120, $100, $80

What is the next direction for BCH /USD?

Bitcoin Cash is moving sideways between $128 and $138 on the 4-hour chart. BCH has been confined to a small range since January 21. Buyers have failed to continue the good momentum above the overbought level of $135. If buyers appear in the overbought area, there is a risk that the cryptocurrency value will fall.

BCHUSD(4 Hour Chart) - February 1.23.jpg

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.

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