Bitcoin Cash (BCH) has fallen to its previous low twice as a result of rejection from $360 and $320 resistance levels. On the $360 price level, buyers were repelled as the coin dropped to $251 low.
BCH price corrected upward but faced another rejection at $320 high. This current rejection caused the crypto to fall to $291 low. There is the possibility of an upward movement of the coin as the crypto is above the $280 support.
Besides, the coin is above SMAs. The coin is currently rising on the upside. A strong bounce above $300 will propel price to break the $320 resistance. The momentum will extend to retest the $360 overhead resistance. On the other hand, if the bulls fail to breach the resistance levels, the market will fall. A fall below the $251 critical support level will make the coin to decline to $229 is likely.
BCH price is above the resistance line of the ascending channel. The price is also above the SMAs. These factors will contribute to the rise of the coin. The crypto is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash is rising and approaching the minor resistance at $320. The Fibonacci tool has indicated a possible move of the coin. On November 30 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This implies that the market will rise to level 2.0 Fibonacci extensions or $387.92.
Disclaimer. This analysis and forecast are the personal opinions of the author and not 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.