Bitcoin Cash (BCH) is making positive moves after rallying above $430 support. After the rally, buyers successfully pushed the cryptocurrency to the $540 high. Unfortunately, the bears have pushed back the bullish momentum as the altcoin resumes the downside move.
Sellers were on hand to defend the resistance zone as price reached the overbought region of the market. It is likely that the sellers will push the recent price level to the low of $495, which is the next support level. If the cryptocurrency finds support above $495, the market will resume an upward movement. However, if the bears break below the $495 support, the downtrend will resume. Meanwhile, BCH /USD is trading at $517 at the time of writing.
Bitcoin Cash indicator reading
Bitcoin Cash has risen to level 43 on the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the center line 50. BCH is above the 80% area of the daily stochastic. This indicates that the market is in a bearish momentum. Currently, BCH is falling after reaching a high of $540.The 21-day and 50-day SMAs are sloping downward, indicating a downtrend.
Major Resistance Levels – $1,800 and $2,000
Important Support Levels – $600 and $400
What is the next move for Bitcoin Cash?
Bitcoin Cash is in an uptrend but faces a rejection at the recent high. Meanwhile, on June 24 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that BCH will rise to the 2.0 Fibonacci Extension level or the $606.28 level. From the price action, BCH has reached the high of $540, but it is a retracement to the downside.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.