Bitcoin Cash bounces back as it tries to overcome $120 resistance

Bitcoin Cash (BCH) is in an upward correction and is facing resistance at $120. The cryptocurrency is bearish as it could hit a low of $110.

Bitcoin Cash Price Long-Term Analysis: Bearish

At the time of writing, Bitcoin Cash is above the moving averages. On the upside, the bullish move will resume when it moves back above the moving averages. BCH will rise and break above the resistance at $20. A break above the resistance would take BCH to highs of $140 and $160. On the other hand, if the bears break below the moving averages, BCH will fall to a low of $110 and later a low of $101.

Bitcoin Cash indicators show

The BCH 14-period RSI has risen to the 62 level as altcoins resume their upward momentum. The price bar is above the moving average, indicating further gains in the cryptocurrency. Bitcoin Cash is above the 75% area of ​​the daily stochastic. The cryptocurrency is in bullish momentum and is approaching the overbought zone of the market.

Technical indicators

Key resistance zones: $160, $180, $200
Key Support Zones: $120, $100, $80

BCHUSD (daily chart) - November 2.png

What is the next direction for BCH/USD?

The bearish scenario for BCH has been invalidated as the price has risen above the $114 support. The price recovery has reached a high of $120. If the price breaks the $120 resistance and maintains the bullish momentum, the cryptocurrency will emerge from a downside correction. On the other hand, if the altcoin fails to break above recent highs, it will break below the moving averages.

BCHUSD (4-hour chart) - November 2.png

Disclaimer. This analysis and forecast only represents the author’s personal views, does not constitute a recommendation to buy or sell encryption, and should not be regarded as an endorsement by Coin Idol. Readers should do their own research before investing in funds.

Source of information: Compiled from COINIDOL by 0x information.The copyright belongs to the original author and may not be reproduced without permission

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