The price of Bitcoin Cash (BCH) is in a downward correction as the altcoin fluctuates between moving averages. The current downtrend has eased as the altcoin finds support above the $290 low.
Bitcoin Cash price long-term analysis: bearish
Today, BCH is trading at $338.60, but fluctuating between moving averages. Bitcoin Cash will move if the moving average line is broken. If the bulls break the 21-day line SMA to the upside, BCH will regain the previous high of $390. Conversely, the altcoin will regain the previous low of $290 if the 50-day line SMA is broken.
On April 12, the price of BCH rose to its previous highs. The bulls broke out above the 50-day line SMA, but failed to break above the 21-day line SMA.
Bitcoin Cash indicator reading
BCH Has fallen to the 50 level of the Relative Strength Index for the 14 period. It indicates that there is a balance between supply and demand. BCH Price is between the moving averages, which indicates that the altcoin will continue to fluctuate for a few more days. BCH is above the 80% range of the daily stochastic. This means that the altcoin has reached the overbought zone.
Technical Indicators:
Key resistance zones: $800, $820, $840
Key support zones: $400, $380, $360
What is the next step for Bitcoin Cash (BCH)?
Currently, Bitcoin Cash is in a sideways movement. The altcoin is fluctuating between $320 and $350 price levels. The price action is also characterized by small candles called doji. The candlesticks indicate that buyers and sellers are undecided about the direction of the market.
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/bch-renge-and-ready/