Bitcoin Cash (BCH) has recovered beyond 21 days of SMA support and has resumed its upward trend.
Bitcoin Cash Price Long-Term Analysis: Bull
On July 27th, cryptocurrency rose to a high of $607 before being rejected. The Bulls bought the dip after Altcoin reached its $517 low.
Today, BCH reached a high of $577. If the buyer has a price of over $600, Altcoin will be at a high of $698. If BCH fails to break through the $600 mark, you will be forced to trade sideways. Altcoin is currently valued at $580.47.
Reading the Bitcoin Cash Indicator
The price bar is higher than the upward slope average line. On both charts, the 21-day SMA exceeds the 50-day SMA, indicating an upward trend. The expanded candlestick rack, which stabbed the $600 level, shows strong sales pressure at recent highs. The moving average line on the 4-hour chart is tilted horizontally for the $600 level.
Technical indicators
Key Resistance Zone: $600, $650, $700
Main Support Zones: $500, $450, $400
What’s the next direction for BCH/USD?
BCH is trading sideways after the uphill ends on July 27th. The 4-hour chart shows that BCH is above $520 support and below the $600 barrier. BCH is currently bearish after reaching an initial barrier of $590.
If the Altcoin stays above the average line of motion, the lateral movement continues. When the price falls below the moving average line, sales pressure is set.
On July 18th, as Coinidol.com wrote, buyers pushed prices above the 21-day SMA, rising to $553.
Disclaimer. This analysis and prediction is the author’s personal opinion. They do not recommend buying and selling cryptocurrencies and should not be considered as approval by coinidol.com. Readers should do research before investing in funds.
