The price of Bitcoin Cash (BCH) is in a downtrend as the altcoin fell to a low of $107 on June 16. Selling pressure has already breached the previous lows of $150 and $124. The current low of $107 indicates that the market has reached the oversold area of the market. Last week, the altcoin fluctuated between $107 and $130.
Bitcoin Cash has fallen to the historical price level of $107 on January 28, 2019. Today, BCH drops to the current support at $107. A break below the current support will push the altcoin to the low of $71. However, if the current support holds and the altcoin recovers, BCH will rally above the $150 resistance.
Bitcoin Cash indicator reading
BCH is at level 29 of the Relative Strength Index for period 14. The cryptocurrency is still trading in the oversold region of the market. No buyers have yet emerged. The altcoin is also below the 20% area of the daily stochastic. The daily stochastic indicates that the coin has reached the oversold region of the market. Selling pressure is likely to ease.
Technical Indicators:
Key Resistance Zones: $300, $320, $340
Key Support Zones: $200, $180, $160
What is the next move for Bitcoin Cash?
Bitcoin Cash is in a downtrend as the altcoin drops to the $107 low. Further selling pressure is unlikely as the market has reached its bearish exhaustion. Buyers are expected to take control of prices in the oversold region.
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 funds.
Source: https://coinidol.com/bitcoin-cash-consolidates-107/