Bitcoin Cash withdrawal from the daily and monthly high of $1216 may be necessary for the next rally as long as $1000 support is not broken.
Despite maintaining a bullish movement for the past few weeks, it looks like BCH/USD is looking to slow down and settle around the $1000 level. The market breaks down today, touching its lowest daily level at $993. The current performance of the coin in the market is below the normal expectations as the technical indicator remains at the upside.
Where is BCH Price Going Next?
BCH/USD is currently trading at $1037; the daily chart shows that the coin is trading above the 9-day and 21-day moving averages within the ascending channel. At the time of writing, the market price nosedives toward the moving averages, issuing a sell signal as the RSI (14) slumps below the 85-level.
Moreover, a minimum swing may likely push the market to the $950 support level. Exceeding this level could take the bears to $900, $850, and $800 levels. On the other hand, a high swing may likely take the bulls to the key resistance level of $1250. Above this, the coin can possibly trigger a bullish rally which may take the price to $1300, $1350, and $1400 resistance levels.
Against Bitcoin, the daily chart reveals that the sellers have started showing some commitment within the market because of the recent fall of BTC. However, following the recent negative signs, the trend may continue to go down if the bears continue to put more pressure on the market.
However, as the RSI (14) signal line moves below 85-level, if the buyers failed to hold the support of 0.016 BTC, the market price may likely focus on the downtrend, pushing it towards the south may bring it to the nearest supports at 0.015BTC and below but a rebound could take the price to the resistance level of 0.021 BTC and above.