Today, Bitcoin Cash is hovering above a $300 low after the market has plunged into the oversold region. BCH is in a downtrend because the coin was earlier in an overbought region. In that region, sellers were generated as the coin was being pushed downward.
The price fell to $312 low and below the breakout level of $360. Nonetheless, further selling below the current support is doubtful as the coin is already in the oversold region. It is expected that as soon as buyers emerge the upward move will resume. Certainly, BCH is likely to rise above the breakout level of $360, if the current support above $300 holds. The bulls will revisit the previous highs of $400 or $440 if the momentum is sustained.
Bitcoin Cash has fallen below the 20% range of the daily stochastic. This means that the coin is in the oversold region where selling has been overdone. The market has been on a downward move since February 14. Bitcoin Cash is also in a strong bearish momentum. BCH will remain in strong momentum until buyers emerge to push BCH upward.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash is currently trading above $300. The support will likely hold if buyers emerge. On the other hand, BCH may continue to fluctuate above $300, if buyers fail to emerge. Traders should look out buy set up to initiate long trades. It is practicable to buy low and sell high. The upward move can resume if the buyers emerge.
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.