Bitcoin Cash price (BCH) rose above the moving average lines, indicating an uptrend.
Bitcoin Cash price long-term analysis: bullish
BCH rallied and crossed the moving average lines on November 22. The bullish momentum rose to a high of $120 before it was stopped. The cryptocurrency is poised to resume its uptrend after retracing above the moving average lines. The uptrend of BCH was stopped at prices of $125 and $135 to the upside. If the initial resistances are overcome, Bitcoin Cash will return to its previous high of $155. If the bullish scenario proves to be wrong, it will fall below the moving average lines. The altcoin will then fall back to its previous low of $100.
Bitcoin Cash indicator display
The Relative Strength Index has increased to 54 for the 14 period. The altcoin is in a positive trend zone and still has a lot of room to go up. The moving average lines are above the price bars, indicating a likely upward movement. BCH is in a positive momentum above the daily Stochastic level of 70.
Technical indicators
Key resistance zones: $160, $180, $200
Key support zones: $120, $100, $80
What is the next direction for BCH /USD?
The price of Bitcoin Cash has risen above the moving average lines, indicating a return of positive momentum. The price bars of BCH are between the moving average lines on the 4-hour chart. The implication is that the cryptocurrency has a few more days to move in a range between the moving average lines.
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.
Source: https://coinidol.com/bitcoin-cash-high-120/