Bitcoin Cash (BCH) price is in a downtrend as the altcoin declines to the low of $102. The cryptocurrency has fallen significantly as bears broke below the previous low of $107. The crypto’s price reached bearish exhaustion as the altcoin trades in the oversold region of the market.
On June 16, BCH fell to $107 and continued to consolidate above current support. After two weeks of consolidation, the bears broke below it. This suggests that BCH will continue to fall below $102. However, if the current support holds and the altcoin recovers, BCH will rise above the $150 resistance.
Bitcoin Cash indicator reading
BCH is at level 28 of the Relative Strength Index for period 14. The altcoin is trading in the oversold region of the market. It has been oversold since June 16. The downtrend will end when buyers appear in the oversold region of the market. The altcoin is also below the 20% area of the daily stochastics. The daily stochastic indicates the oversold condition of the cryptocurrency.
Technical Indicators:
Key Resistance Zones: $160, $180, $200
Key Support Zones: $120, $100, $80
What is the next move for Bitcoin Cash?
Bitcoin Cash is in a downtrend as it has reached bearish exhaustion. Price indicators have unanimously pointed to the oversold condition of the cryptocurrency. Buyers will emerge in the oversold region and take control of the prices.
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-hold-102/