Bitcoin Cash Bounces and Overcomes $240 Resistance

BCH successfully made a breakthrough as it battles the $240 price level. This impressive upward move has been consistent since January 3. On January 6, the bulls were temporarily halted to take a pause. In other words, BCH is facing resistance at $240.

The bulls have to keep on with the current bullish momentum to push BCH upward. There is a tendency for BCH to slide beneath if the bullish momentum dries up. Expectantly, BCH is likely to retest the $280 resistance, if buyers continue their bullish run.

Bitcoin Cash Indicator Reading 

The BCH price bars are over the EMAs which indicate that BCH is going up. The upward movement will go on if the bulls maintain the price above the EMAs. Likewise, it is expected that the resistance line is breached. If the price does break and closes above it, an upward move will be guaranteed. 

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

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

What is the Next Move for Bitcoin Cash?

BCH has made surprising moves to a higher price level. It will rise if it succeeds in jumping over the hurdles at $240 and $280. We expect BCH to continue its upward move but maybe repelled at $240. BCH will be compelled to fall and commence a sideways move. Traders will have to wait for the market to complete its retracement before initiating long trades.

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.