{"id":131577,"date":"2021-07-08T13:48:49","date_gmt":"2021-07-08T13:48:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=131577"},"modified":"2021-07-08T13:48:49","modified_gmt":"2021-07-08T13:48:49","slug":"bitcoin-cash-in-a-sideways-trend-battles-the-540-overhead-resistance","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-cash-in-a-sideways-trend-battles-the-540-overhead-resistance\/","title":{"rendered":"Bitcoin Cash in a Sideways Trend, Battles the $540 Overhead Resistance"},"content":{"rendered":"
Bitcoin Cash (BCH) has made positive moves to the upside since June 23. However, buyers have failed to break the $540 overhead resistance.<\/strong><\/p>\n Today, buyers are pushing the cryptocurrency higher as the market reaches the $526 high. Currently, BCH is facing resistance as price approaches the resistance zone.<\/p>\n On the upside, if buyers break above resistance at $540, BCH will rise to either $740 or $820. The bulls have failed to push the altcoin above overhead resistance. In previous price action, the bulls were pushed back on June 29 and July 4 when BCH price tried to break through the resistance level. Moreover, BCH \/USD is approaching the overbought region of the market. Therefore, further upside above $540 is doubtful.<\/p>\n BCH is above the 80% area of the daily stochastic. This indicates that the market has reached the overbought zone, suggesting that sellers are likely to emerge. The 21-day and 50-day SMAs are sloping downward, indicating a downtrend. BCH \/USD has risen to level 47 on the Relative Strength Index period 14. The altcoin is in the downtrend zone and below the midline 50.<\/p>\n Major Resistance Levels – $1,800 and $2,000 <\/b><\/p>\n <\/b><\/p>\n Major Support Levels – $600 and $400<\/b><\/p>\n Bitcoin Cash is in a sideways trend below the $540 overhead resistance. The Fibonacci tool has indicated a possible upside move in the cryptocurrency. Meanwhile, on June 29 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that BCH will rise to the 1,618 Fibonacci Extension level or the $616.56 level. From the price action, it appears that the bulls have not yet broken through the resistance at $540.<\/p>\n Disclaimer. This analysis and forecast are the personal opinions of the author 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.<\/span><\/i><\/p>\nBitcoin Cash indicator reading<\/h2>\n
Technical indicators: <\/h3>\n
What is the next move for Bitcoin Cash?<\/h2>\n