Bitcoin Cash Is Under Selling Pressure At $131

The price of Bitcoin Cash ($BCH) is on the rise and has reached a high of $131.35 before retreating.

Bitcoin Cash price long-term analysis: bullish

The cryptocurrency's value has retreated to the $126 level from Nov. 5. As the altcoin resumes its sideways movement below the resistance level, the upward momentum has weakened. $BCH is still moving in the overbought zone of the market. A price rise is unlikely as the market reaches the overbought area. $BCH is likely to decline due to selling pressure near the $131 peak. $BCH will fall to a low of $115 in its first downturn. If the decline crosses the $115 support level, the altcoin will fall back to the previous range bound zone. $BCH is trading at $124 today.

Bitcoin Cash indicator gauge

With a Relative Strength Index reading of 74 for period 14, $BCH is heavily overbought. Bullish fatigue in the current upswing could cause $BCH to decline. The moving average lines are above the price bars, causing the cryptocurrency to rise. Below the 50 level of the daily stochastic, $BCH has negative momentum.

Technical indicators

Key resistance zones: $160, $180, $200

Key support zones: $120, $100, $80

What is the next direction for $BCH /USD?

Bitcoin Cash is trading sideways below the $128 level. $BCH is moving above the moving average lines on the 4-hour chart. Once the price breaks below the moving average lines, selling pressure will resume.

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.