The price of Bitcoin Cash (BCH) has been steadily rising, with a succession of higher highs and higher lows.
Bitcoin Cash price long-term analysis: bullish
Today, the price has formed a higher low above the 21-day SMA. BCH rises to a new high. During the rise on June 20, a candlestick body tested the 61.8% Fibonacci retracement line. The correction suggests that the market will continue to rise and reach the high of the 1.618 Fibonacci extension, or $567.53. The altcoin is now $509.04.
BCH price indicators analysis
The moving average lines are tilted to the north, indicating an upward trend. The continued persistence of the price bars above the 21-day SMA support indicates an uptrend. On the 4-hour chart, the price bars are between the moving average lines. This indicates that the price of the cryptocurrency will remain range-bound for a while.
Technical Indicators
Key Resistance Zones: $520, $540, $560
Key Support Zones: $400, $380, $360
What is the next direction for BCH/USD?
Bitcoin Cash remains in a bullish trend zone. The uptrend on the 4-hour chart has stalled between the moving average lines. The price is currently stabilising above the 50-day SMA support but below the 21-day SMA level. If the 50-day SMA is breached, BCH will drop further. On the other hand, the altcoin will rise as soon as it breaks through the 21-day SMA.
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/bch-holds-range/