Bitcoin Cash Struggles Below $120 Resistance As Buyers Target $164

Oct 06, 2022 at 10:59 // Price
Coin Idol

Bitcoin Cash price (BCH) resumed its upward correction after rising above the moving average lines.

Bitcoin Cash Price Long-Term Analysis: Bearish

Today, buyers could not continue the uptrend as they encountered resistance at the $120 high. Nonetheless, the cryptocurrency could retrace and find support above the $110 level. By the way, this is the price trend since August 19.

Since the price collapse on August 19, BCU/USD has been in a sideways movement between the $110 and $120 price levels. Neither the bulls nor the bears have broken this trading range. BCH will resume upward momentum when buyers overcome resistance at the $120 high. The bullish momentum will extend to the upper resistance at $164. 

Bitcoin Cash Indicator Reading 

BCH has reached the 52 level of relative strength for the 14 period. This is due to the recent upward price correction. The cryptocurrency is moving higher as the price bars remain above the moving average lines. The cryptocurrency will continue to rise as long as the price bars remain above the moving average lines. The altcoin is declining as it is below the 80% range of the daily stochastic. 

BCHUSD (Daily Chart) - October 5, 2022.jpg

Technical Indicators

Key resistance zones: $130 and $150
Key support zones: $120 and $100 

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

BCH Is in an upward correction to the previous highs. The current downtrend has subsided. On the downtrend on September 13, the price corrected up from BCH and the candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that BCH will fall to the Fibonacci extension level of $1.272 or $110.62. After the price movement, the market fell back to the low of $106 and continued its upward trend.

BCHUSD (Daily Chart 2) - October 5, 2022.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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