Bitcoin Cash Battles the Next Crucial Resistance at $240, Targets $300 High

Oct 09, 2020 at 13:52 // News
Coin Idol
Bitcoin Cash was in a price spike as it reached the $230 high

Bitcoin Cash surges ahead as price hit the $240 high. In the same vein, buyers are attempting to sustain the current uptrend.

About three days ago, BCH was in a price spike as it reached the $230 high but suddenly crashed. In the present dispensation, the bulls are attempting to sustain the current move. The bottom line is that buyers have to push the coin above the $260 price level. In this manner, BCH will be out of the downward correction.

The crypto is likely to rise and retest the $300 resistance . In the meantime, BCH is retesting the resistance at $240 to break above it. On September 3, the bears have earlier broken the $240 support to reach the low at $203. BCH has corrected upward as it reached the resistance at $240 high. A break above this current resistance will accelerate price movement on the upside. We expect the market to reach the $300 high.

Bitcoin Cash indicator reading 

BCH price has broken the 21-day SMA but it is retesting to break the 50-day SMA. A break above the SMAs will propel the coin to rise. The crypto has broken above the resistance line of the descending channel. This is an indication of a further upward movement of the coin. The coin is at level 57 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and it is most likely to rise.

BCH Coinidol.png

Key Resistance Zones: $440, $480, $520

Key Support Zones: $200, $160, $120

What is the next move for Bitcoin Cash?

Certainly, BCH upward move is likely if the $240 resistance is overcome. On September 27 uptrend, BCH was resisted at $231 but the retraced candle body tested the 61.8% Fibonacci retracement level. This suggests that the coin will reach a high of 1.618 Fibonacci extension level or the high of $252.82

BCH Coinidol 2 chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author that are 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.

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