Bitcoin Cash Faces Fresh Rejection, May Slide to $576 Low
The price of Bitcoin Cash (BCH) has fallen to a low of $638. Today, the upside was rejected at the $660 high. The current selling pressure is likely to extend to the low of $620.
This is because the bears have broken below the 21-day line SMA, which means further selling pressure. If the bears break support at $620, the downtrend will resume. BCH will continue to drop to $596 or $576. On the other hand, if BCH falls and finds support above $620, the bearish scenario will likely be invalidated. Buyers will pull back above $620 support and resume the upside. Selling pressure will resume when support levels are breached. At the time of writing, the market has fallen to the low of $633.90.
Bitcoin Cash indicator reading
The recent decline has resulted in the altcoin reaching the 53 level of the Relative Strength Index Period 14. The cryptocurrency is still in the bullish trend zone and above the midline 50. The altcoin has fallen to the low area below 20% of the daily stochastic. This suggests that BCH is now in the oversold region of the market. This means that buyers will soon emerge to push prices higher.
Major Resistance Levels – $1,800 and $2,000
Major Support Levels – $600 and $400
What is the next move for Bitcoin Cash?
Bitcoin Cash is now in a downtrend as the altcoin faces rejection at $660. Meanwhile, on August 22 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that BCH will fall to the level 2,618 Fibonacci extensions or level $576.32.
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.
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