The price of Bitcoin Cash (BCH) has risen, but is still in a sideways trend.
Bitcoin Cash price long-term analysis: bullish
On August 11, buyers drove the altcoin to a high of $632 before it fell back again. The altcoin continues to rise and is , approaching the previous price level of $640.
In the last 48 hours, the bullish momentum has paused at $630, as the altcoin continues to rise to its previous high. If buyers break above the current $630 barrier, BCH will rise above its previous high of $640. The positive momentum will continue to the high of $701. This is approaching the historical price level of April 2025. BCH is currently at $595.
BCH price indicators analysis
The moving average lines on the weekly chart are horizontal, and indicate a sideways trend. The 21-day SMA is above the 50-day SMA, indicating an uptrend. The altcoin is in the overbought area of the market. In the recent price action, BCH fell after reaching the overbought zone around $640.
Technical Indicators
Key Resistance Zones: $600, $650, $700
Key Support Zones: $500, $450, $400
What is the next direction for BCH/USD?
The BCH price has continued to rise, but has stopped at $630 since August 11. The cryptocurrency has retreated but has found support again above the low of $580.
The cryptocurrency is rising as it moves between the $630 barrier and $580 support. The high at $630 will mark the beginning of the uptrend. Otherwise, the sideways movement will continue within the given range.
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.
