Today, Bitcoin Cash resumes upward after rejection from the $480 price level. Buyers have pushed the crypto to a high of $445.
For the past four days, BCH has been rising after its rejection from the $460 resistance level. Yesterday, the bulls broke the resistance but could not break the $480 price level. The selling pressure at the $480 overhead resistance pushed the coin to its previous lows.
Since January 4, the bulls are yet to break the $460 resistance level convincingly. Bitcoin Cash now fluctuates between $400 and $460. The bulls have two major hurdles to jump over before embarking on a fresh uptrend. On the upside, a break out at $460 resistance will compel BCH to rally above $480. The bullish momentum will extend above $500 high.
The crypto’s price is testing the resistance line of the ascending channel. If the price breaks and closes above the resistance line, BCH will resume an upward move. BCH is above the 80% range of the daily stochastic. It indicates that the coin is trading in the overbought region of the market.
Key Resistance Zones: $520, $540, $560
Key Support Zones: $200, $160, $120
Bitcoin Cash's upward move is likely once the bulls overcome the resistance at $460 and $480.On January 4 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 2.0 Fibonacci extensions. That is the high of $602.57.
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.