Regrettably, Bitcoin Cash is still stuck below the resistance at $400. BCH is now consolidating between $360 and $400 since January 29. The bulls have the advantage because of the nearness of consolidation to the resistance at $400. As the bulls continue to hold their positions, penetration is made possible above the resistance.
Expectantly, if the bulls push the price above the resistance, BCH is likely to jump to either to $440 or $480. The consolidation is likely to last if the bulls fail to push above the resistance. Nonetheless, there are fears that the coin will be in a bad picture if the bears break below $360. This will sink the coin to the lows of $306 or $320.
Bitcoin Cash is now trading above level 65 of the Relative Strength Index period 14. It explains that BCH is in the uptrend zone and that the coin will rise as it is above the centerline 50. Continuity of the uptrend is likely because the price bars are above the EMAs.
Key Resistance Zones: $320, $360, $400
Key Support Zones: $200, $160, $120
Bitcoin Cash is currently in a tight range as it continues to trade below $400. The consolidation is characterized by small body candlesticks like Doji and Spinning tops which describes the indecisions between buyers and sellers. The advantage is with the bulls as the coin is trading in the bullish trend zone. As the market continues its consolidation, there is a likelihood of a price breakout or breakdown.
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.