Bitcoin Cash (BCH) – Pauses the Rally

Bitcoin Cash (BCH) – Pauses the Rally

Posted on Thursday, October 21 2021 at 9:49 pm GMT+0000

Bitcoin Cash (BCH) – Short-term analysis

The TD Sequential indicator at Bitcoin Cash (BCH) is currently flashing a bearish signal, suggesting exhaustion of the buyers at this stage, according to the H4 chart analysis. However, the bullish trend line plotted from the lows of September is giving the path of the ongoing momentum that could extend further once it breaks above the resistance level of $651.45.

Suppose such a scenario materializes in the near term. In that case, the cryptocurrency could skyrocket towards $691.93 to bolster bullish momentum for the next weeks, following the path of the rest of the altcoins in the crypto sphere. Beyond $691.93, the next tough nut to crack to the north would be the $700 level.

In a bearish stance, once BCH takes out the bullish trend line and cracks below the support zone of $602.06, the cryptocurrency will bolster sellers’ momentum to reach the 200-period simple moving average at around $570, followed by the $540 zone, where a support zone formed by the TD Sequential indicator lies.