Bitcoin Cash Continues Its Upward Trend Above $547

The price of Bitcoin Cash ($BCH) has fallen below the moving average lines since its high of $632.

Bitcoin Cash price long-term analysis: bearish

On the 19th of August, the 50-day SMA support stopped the bearish momentum. In the last 48 hours, the cryptocurrency has been trading above the 50-day SMA but below the 21-day SMA. If $BCH falls below the 50-day SMA, selling pressure will increase again. The next support level for the altcoin is $517.

However, further declines in the cryptocurrency are unlikely. A break above the 21-day SMA barrier would allow the altcoin to resume its uptrend. The altcoin will rise to retest or break through the $632 mark. $BCH is currently worth $551.74.

Bitcoin Cash price indicators reading

The price of the cryptocurrency has been stuck between the moving average lines for the past 48 hours. $BCH will gain value if buyers keep the price above the 21-day SMA. On the other hand, the altcoin will continue to fall if it loses support from the 50-day SMA.

Technical Indicators

Key Resistance Zones: $600, $650, $700

Key Support Zones: $500, $450, $400

What is the next move for $BCH?

The price of $BCH falls below the moving average lines. The selling pressure on $BCH has reached its bearish exhaustion. $BCH has fallen and found support above its low at $547.

The price of the cryptocurrency is trading above the $547 support level but below the moving average lines. The cryptocurrency value will resume its positive trend once it breaks above the moving average lines.

However, a further downward movement of the cryptocurrency seems unlikely.

On August 11, buyers drove the altcoin to a high of $632 before it fell back again, as reported by Coinidol.com

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.