Bitcoin Cash price (BCH) is in a downward correction, but is currently consolidating below the moving averages.
Bitcoin Cash price long-term analysis: bearish
On May 31, BCH rallied above the 21-day line SMA, but was rejected at the $210 high. The altcoin has fallen below the 21-day moving average. Since June 1, the cryptocurrency’s further upward movement has been hindered by the 21-day line SMA.
Currently, BCH is moving above the support of $170. A price rise above the current support is capable of breaking the 21-day line SMA and the resistance at $210. Bullish momentum will extend to $280 if buyers are successful. Conversely, BCH will continue to fall to the $150 low if the bears break below the current support.
Bitcoin Cash indicator reading
BCH is at the 40 level of the Relative Strength Index for the 14 period. The altcoin is in the downtrend zone and could fall to the previous low at $150. The price of the cryptocurrency is below the moving averages, which indicate a further decline. BCH is below the 40% area of the daily stochastic. The altcoin is in a bearish momentum.
Technical Indicators:
Key resistance zones: $300, $320, $340
Key support zones: $200, $180, $160
What is the next move for Bitcoin Cash (BCH)?
Bitcoin Cash is in a downtrend as it is experiencing a rejection at the $210 high. Moreover, the further price movement is slowed down by the 21-day line SMA. Meanwhile, on May 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that BCH will fall to the level of the Fibonacci extension of 1.272 or $146.80.
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-break-high/