Bitcoin Cash Reaches Bearish Exhaustion, Uptrend LikelyJune 9, 2021
Bitcoin Cash (BCH) has continued its downward move as BCH slumped to a $548 low. As BCH fell to a $548 low, the crypto’s price resumed fluctuation between $548 and $600.
The selling pressure of Bitcoin Cash will resume if the price breaks below the $548 support level. That is, the market will decline to the next support at $450.
Conversely, if the current upward correction breaks above $660, and the bullish momentum is sustained, the downtrend is presumed to be over. Meanwhile, for the past two days, the crypto has been fluctuating between $548 and $600. The crypto is trading at $588 at the time of writing.
Bitcoin Cash indicator reading
Bitcoin Cash has fallen to level 37 of the Relative Strength Index period 14. The altcoin has fallen and it is approaching the oversold region. It indicates that the altcoin is in the downtrend zone and below the centerline. The 21-day and 50-day SMA are sloping downward indicating a downtrend. The crypto’s price is below the moving averages which suggest that the crypto is in the bearish trend zone.
Major Resistance Levels – $1,800 and $2,000
Major Support Levels – $600 and $400
What is the next move for Bitcoin Cash?
Bitcoin Cash is in a downward move. The Fibonacci tool has indicated the exhaustion of the current downtrend. Meanwhile, on May 28 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that BCH will rise to level 1.618 Fibonacci extensions or level $558.17. From the price action, BCH has reached bearish exhaustion.
Disclaimer. This analysis and forecast are the author’s personal opinions and are 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 funds.
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