Bitcoin Cash Consolidates Above $215 Support, Battles $250 Resistance

Today, BCH is consolidating above $216 after a fall from the $250 resistance. The bulls have been facing resistance at $250 after the downtrend of April 9.

Before now, buyers have successfully taken BCH to $280 high. The uptrend could not be sustained as the market reached an overbought region. Seller’s presence in the overbought region caused the crypto to fall. 

Today, subsequent upward moves have been restricted beneath the $250 resistance. Buyers have made three unsuccessful attempts at the $250 resistance to break it. On April 19, the market fell and consolidated above $216. Possibly, a rebound at the current support will break the $250 resistance and extend to $280 resistance.

Bitcoin Cash Indicator Reading 

BCH is presently at level 44 of the RSI period 14. This explains that it is beneath the midpoint and the centerline 50. The EMAs are slanting horizontally indicating that BCH is likely to range for a few more days.

Key Resistance Zones: $440, $480, $520

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

What is the Next Move for Bitcoin Cash?

The crypto has been trading between $215 and $280 since April 8. As the market consolidates a break below $215 will result in a fall to $205 low. A further fall to $166 may occur if the $205 support cracks. Possibly, a rebound that brings about a breakthrough over the resistances of $250 and $280 will catapult BCH to reach $350 high.

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.