The price of Bitcoin Cash (BCH) is trading at $640 at the time of writing, with buyers losing the high of $715 to sellers as the market reached the overbought region. Today's price is rising to retest $715 resistance.
However, it is unlikely that the price action will retest the overhead resistance. In the past week, BCH has been pushed back three times from the high of $685. Therefore, buyers may not be able to push BCH above the $685 and $715 resistance levels. On the upside, if buyers break above these resistance levels, the market will rally above the high at $900. In the meantime, BCH is trading slightly below the resistance zone. The sideways trend may continue if the cryptocurrency encounters rejection at the recent high.
Bitcoin Cash indicator reading
BCH has fallen to level 52 on the Relative Strength Index for period 14. The crypto is still in the bullish trend zone and above the midline 50. The altcoin has a chance to recover to the upside. The altcoin has fallen below the 50% area of the daily stochastic. It indicates that BCH is in a bearish momentum, but this is contrary to the price action.
Major Resistance Levels – $1,800 and $2,000
Major Support Levels – $600 and $400
What is the next move for Bitcoin Cash?
If recent rallies continue, BCH will likely resume an uptrend. A break above overhead resistance will signal the resumption of the uptrend. Meanwhile, on August 16, the uptrend, a retraced candlestick tested the 50% Fibonacci retracement level. The retracement suggests that BCH will rise to the 2.0 Fibonacci Extension level or the $907.43 level.
Disclaimer. This analysis and forecast are the personal opinions of the author are 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.
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