Bitcoin Cash (BCH) Bounces, a Move above $227 Increases the Prospect of a Rally

Despite its false breakdown, Bitcoin Cash had been relatively stable since September. The coin had been exceptional in its fluctuation within the price range of $200 and $240. Each time there is a break down the coin bounces back to its original price range.

Recently, BCH is making a positive move as the price approaches the first resistance at $227. Nevertheless, if the current upward move is sustained and the bulls break above the first resistance, BCH will reach a high of $240. However, any hindrance by the coin at the first resistance will compel it to a sideways move. 

Bitcoin Cash Indicator Reading 

Bitcoin Cash has been in a bear market since June. The coin can trade in the bull market if the bullish move is sustained and EMAs are breached. Presently, the coin is surging forward above 20% range of the stochastic.

Key Supply Zones: $320, $360, $400

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

What is the Next Move for Bitcoin Cash?

The pair is in the third month of its sideways move. The bears have had the upper hand over the bulls at the bottom of the chart. The support line was under test on four occasions while the resistance line was tried on two occasions. 

Meanwhile, the coin had been stable for position traders because of price stability. It has proved unprofitable for short term traders as the market fails to trend. Nevertheless, we expect that the bulls will break the price at $227.

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.