Bitcoin Cash to Lose $110 Support as It Declines to $96 Low
Oct 20, 2022 at 09:20 //
PriceThe price of Bitcoin Cash (BCH) is in a downtrend, finding support above the $101.94 price level.
The bears have undercut the $110 support, which has held since July 25. However, the former level of $110 has become a resistance.
On October 13 and 17, buyers failed to sustain the bullish momentum above the $110 high. It is likely that the cryptocurrency will fall to a low of $101 or $96. If the support at $101 holds against it, BCH/USD will be forced to move between $101 and $120. At the time of writing, the altcoin is trading at $107.96.
Bitcoin Cash indicator reading
BCH has continued to fall to the 39 level of Relative Strength for the 14 period. The decline may continue as the cryptocurrency's price bars are below the moving average lines. Bitcoin Cash is in a bearish momentum as it is below the 40% area of the daily stochastics. A further decline will push the cryptocurrency asset into oversold territory.
Technical indicators
Key Resistance Zones: $130 and $150
Key Support Zones: $120 and $100
What is the next move for Bitcoin Cash?
BCH has reached bearish exhaustion as it has fallen to the low of $101. The current support is likely to hold as buyers prepare to push the altcoin to the previous highs. A rise in price will catapult BCH above the moving average lines.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow
