Bitcoin Cash Tests The $103 Resistance Zone Again And Pulls Back

Jan 04, 2023 at 11:58 // Price
Coin Idol
Bitcoin Cash will resume its movement between the $95 and S115 price levels

Bitcoin Cash (BCH) price is rising above the 21-day moving average, breaking through the $95 support level.

Bitcoin Cash price long-term analysis: bearish

The moving average lines have been holding back the price's upward movement since December 16. The cryptocurrency has failed to return to its previous high of $115. If the current bullish momentum continues, buyers might be able to regain the previous high. A break above the moving average lines will drive the altcoin to its previous high of $115. If the bullish momentum continues above the $115 resistance, BCH will rise to a high of $125. However, the cryptocurrency will resume its movement between the $95 and S115 price levels.

Bitcoin Cash indicator display 

On the Relative Strength Index for period 14, BCH is at the level of 49. In response to the market reaching the RSI midpoint, BCH is in an upward correction. This indicates that the forces of supply and demand are in balance. The price of the cryptocurrency is currently between the moving average lines, which indicates that it could be in a range. The altcoin is at a level above 80. The market is overbought due to the current uptrend. If sellers appear in the overbought area, BCH could fall.

BCHUSD(Daily CHart) - January 4.23.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 currently trading in the bullish trend zone on the 4-hour chart. After reaching the high of $102, the current uptrend has come to an end. Resistance at $103 has prevented the cryptocurrency price from rising since December 17. An overbought area of the market is the resistance zone.

BCHUSD(4 Hour Chart) -January 4.23.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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