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.
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.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
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.
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.