Bitcoin Cash is in an uptrend as the bulls attempt to breach the breakout level of $360. The bears have unceasingly defended the $360 resistance during the downtrend. Nonetheless, the downward correction is over as the bulls emerge from the oversold region of the market. During the downward correction, BCH fell to $300 low but move up to consolidates above $320.
The bottom line is the breaking of the resistance at $360. On the upside, if price successfully crosses above $360 and the momentum is sustained, BCH will reach a high of $500. Conversely, if the bulls fail to push above the resistance, the market will resume a sideways move.
Fortunately, the bulls have emerged in the oversold region as the stochastic bands are above the 20% range. This is an indication that the upward move has begun. The 12-day EMA has been breached as the price continues its upward move.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash moves to face an important resistance at the breakout level. BCH is likely to cross above $360 resistance. The upward move has been gradual from the low of $300. The movement was initially hindered by the 12-day EMA but has broken above it.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.