The price of Bitcoin Cash (BCH) is in a downtrend as it falls above the $110 support.
Bitcoin Cash price long-term analysis: bearish
The cryptocurrency has been trading below the moving average lines since August 19. Buyers have been trying hard to keep the price above the moving average lines, but were rejected at the $132 high. In other words, BCH /USD has been trading between $110 and $132 for the past month.
A break above the $132 high would catapult the altcoin higher to reach resistance at $164. Today, the cryptocurrency price is consolidating above the $110 support after the recent drop. On September 18, BCH turned down the 21-day line SMA and found support above the $110 level. The downside momentum will extend to the $96 low if the current support is broken.
Bitcoin Cash indicator display
The cryptocurrency is at level 41 of Relative Strength for the period 14. It is in the downtrend zone and could fall further below the current support. The price bars of the cryptocurrency are below the moving average lines, which indicates a further decline. The cryptocurrency price is above the 50% area of the daily stochastic. BCH is in a bullish momentum.
Key resistance zones: $130 and $150
Important support zones: $120 and $100
What is the next move for Bitcoin Cash?
BCH Is in a downtrend as it faces rejection at the 21-day line SMA. Meanwhile, on the downtrend from September 13, a retraced candle tested the 78.6% Fibonacci retracement level. The retracement suggests that BCH will fall to the Fibonacci extension level of 1.272 or $110.62.
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 in funds.
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