Bitcoin Cash Falls above Historical Price Level May Hold Above $572 Support
The price of Bitcoin Cash (BCH) is in a downward correction as the price falls below the moving averages. Today, the cryptocurrency fell from the high of $720 to the low of $572.
Currently, altcoin is moving above the current support of $572, which is a historical price level from October 11. In previous price action, BCH consolidated above current support to resume upward momentum. If BCH holds above current support, the market will also rise above the moving averages before retesting the previous highs. However, if the bears break below current support, the market will fall back to the low at $533.
Bitcoin Cash indicator reading
The altcoin has fallen to level 42 on the Relative Strength Index for the 14 period. The cryptocurrency is in the downtrend zone and below the centerline 50, which means BCH is at risk of falling at any time. Nevertheless, BCH is below 20% of the daily stochastic. The cryptocurrency has fallen into the oversold area of the market. This means that selling pressure has reached bearish exhaustion.
Key Resistance Zones: $800, $820, $840
Key Support Zones: $500, $480, $460
What is the next move for Bitcoin Cash?
Bitcoin Cash is in a downtrend. The cryptocurrency has fallen and resumed consolidation above support at $572. Meanwhile, on November 10, the downtrend tested the 61.8% Fibonacci retracement level. This retracement suggests that BCH will fall to the Fibonacci extension level of 1.618 or to the level of $773.35.
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.
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