Bitcoin Cash Is In A Sideways Pattern And Testing The Low At $98

Dec 28, 2022 at 11:35 // Price
Coin Idol
BCH is trading in a sideways pattern

Bitcoin Cash (BCH) price is fluctuating between $98 and the moving average lines. Since November 23, the uptrend has been shaky.

Bitcoin Cash price long-term analysis: bearish

The moving average lines have limited the upward movement of cryptocurrency stocks. Since November 23, the altcoin has been fluctuating above the current support. BCH is currently testing the current support level of $98. If the current support is broken, BCH will return to its previous low of $87. However, if the current support holds, BCH will rally. An increase in price will push the altcoin into the bullish trend zone.

Bitcoin Cash indicator display 

For the 14 period, BCH is at level 40 on the Relative Strength Index. The cryptocurrency is still in a bullish trend zone and could fall further. The SMAs of the 21-day and 50-day lines are sloping horizontally, indicating a sideways movement. The price bars are below the moving average lines, suggesting that BCH has the potential to fall lower. BCH is trading below the daily stochastic value of 20, suggesting that the selling pressure might ease.

BCHUSD(Daily Chart) - December 28.22.jpg

Technical indicators

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

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

What is the next direction for BCH /USD?

BCH is trading in a sideways pattern on the 4-hour chart. Since December 16, the price of BCH has fluctuated between $98 and $104. Doji candlesticks leading the price movement have marked the price movement.

BCHUSD(4 Hour Chart) - December 28.22.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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