The price of Bitcoin Cash (BCH) has fallen below the moving average lines since its high of $632.
Bitcoin Cash price long-term analysis: bearish
On the 19th of August, the 50-day SMA support stopped the bearish momentum. In the last 48 hours, the cryptocurrency has been trading above the 50-day SMA but below the 21-day SMA. If BCH falls below the 50-day SMA, selling pressure will increase again. The next support level for the altcoin is $517.
However, further declines in the cryptocurrency are unlikely. A break above the 21-day SMA barrier would allow the altcoin to resume its uptrend. The altcoin will rise to retest or break through the $632 mark. BCH is currently worth $551.74.
Bitcoin Cash price indicators reading
The price of the cryptocurrency has been stuck between the moving average lines for the past 48 hours. BCH will gain value if buyers keep the price above the 21-day SMA. On the other hand, the altcoin will continue to fall if it loses support from the 50-day SMA.
Technical Indicators
Key Resistance Zones: $600, $650, $700
Key Support Zones: $500, $450, $400
What is the next move for BCH?
The price of BCH falls below the moving average lines. The selling pressure on BCH has reached its bearish exhaustion. BCH has fallen and found support above its low at $547.
The price of the cryptocurrency is trading above the $547 support level but below the moving average lines. The cryptocurrency value will resume its positive trend once it breaks above the moving average lines.
However, a further downward movement of the cryptocurrency seems unlikely.
On August 11, buyers drove the altcoin to a high of $632 before it fell back again, as reported by Coinidol.com
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/bitcoin-cash-above-547/
