The price of Bitcoin Cash (BCH) has lost its bullish momentum and has fallen below the 21-day SMA support.
The bearish momentum could continue to the lows above the 50-day SMA. If the downtrend falls below the 50-day SMA, the uptrend will end. BCH will then fall much more sharply and reach a low of $380.
In the meantime, the price of the cryptocurrency has fallen below the 21-day SMA, but is still above the 50-day SMA. The downtrend is now gradual due to the doji candlesticks. BCH could drop to a low above the 50-day SMA support or $380.
After the recent decline, the price bars are now between the upward moving average lines. The 21-day SMA support has been broken and the 50-day SMA support could soon be broken as well.
On the 4-hour chart, the price bars are below the downward sloping moving average lines, indicating a decline.
Bitcoin Cash is falling below the moving average lines on the 4-hour chart. On July 13, as Coinidol.com wrote, the price dip, represented by a retraced candlestick body, tested the 61.8% Fibonacci retracement level. The retracement suggests that BCH will fall to a low of $479.24, which corresponds to the 1.618 Fibonacci extension.
Meanwhile, the cryptocurrency signal is bearish as the altcoin falls below the moving average lines.
