Bitcoin Cash Breaks $380 Overhead Resistance, Approaches $461 February 2020 Historical Price Level

Jan 06, 2021 at 11:02 // News
Author
Coin Idol
Bitcoin Cash fell to the support above $380 and resumed upward

Today, Bitcoin Cash has made a tremendous move as the market reached a high of $440. This is not the first time buyers will be testing this level. On January 4, BCH tested the $440 high but was resisted.

The crypto fell to the support above $380 and resumed upward. BCH price is retracing after the rejection at $440. The crypto will resume a fresh uptrend if the price falls to a low of $380. However, if the bears break below the $380 support, the downtrend will resume. 

In retrospect, BCH has been range-bound since November 24, as the crypto fluctuated between $250 and $380 price levels. It was on January 3, the range-bound movement was broken as the coin resumed upside range momentum. Meanwhile, BCH is struggling between $400 and $440 to resume the current uptrend. 

Bitcoin Cash indicator reading 

BCH price is in upside momentum as the price approaches the resistance line of the ascending channel. A break above the resistance level will catapult the coin to rally on the upside. The coin is above the 40% range of the daily stochastic. This indicates that the market has bullish momentum.

BCH_-_Coinidol_(2).png

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

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

What is the next move for Bitcoin Cash?

Bitcoin Cash is likely to rise once the $440 resistance is breached. On January 4 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 1.618 Fibonacci extensions. In other words, BCH will rise to a high of $552.11.  

BCH_-_Coinidol_2_chart_(1).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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