bitcoin cash is in a range as it battles the resistance at $116

The altcoin is on the retreat because it faces rejection at the $116 high. any side is uncertain because the market is reaching the overbought zone. If the market falls back higher than the 21-day line SMA, the cryptocurrency price would be forced to move in an area between the moving average lines. Conversely, the downtrend can resume if the price falls below the 21-day SMA line. In different words, BCH can fall back to the previous low at $101.

Bitcoin money indicator reading

The BCH Relative Strength Index for the fourteen periods has up to the fifty-three level because it has up higher than the moving average lines. Since the value bars for the cryptocurrency area unit between the moving average lines, BCH is forced to move at intervals in a range. Bitcoin cash is experiencing momentum because it is below the 80 areas of the daily stochastics.

What is the next direction for BCH?

BCH/USD is in an uptrend because the price is higher than the moving average lines. The uptrend has concluded because the altcoin has reached the overbought zone. The cryptocurrency can continue a new uptrend because it pulls back higher than the moving average lines. The cryptocurrency is holding more elevated than the $114 support.