Bitcoin Cash Continues Downtrend Fails to Hold at Breakout Level of $360

Bitcoin Cash has been on a downward move since BCH reached the overbought region of the market. Today, the market has fallen to a low of $320 from the recent high of $497. Recently, BCH fell to the breakout level of $360 on February 20. The market paused and the bulls resumed an upward move but were repelled at the $400 resistance.

The downtrend resumed and the support at $360 was breached. Certainly, the bears will take the price to a low of $300 as the market falls. Undeniably, the upward move becomes impossible as the bulls fail to push the price above $400. At the moment, BCH is trading at $320 at the time of writing.  

Bitcoin Cash Indicator Reading 

As BCH falls to a low of $320, the market has fallen to level 37 of the RSI period 14. In other words, it is approaching the oversold region of the market. This indicates that the market may still fall until the price reaches the oversold region. Alternatively, when buyers emerge BCH will resume an uptrend.

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

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

What is the Next Direction for Bitcoin Cash?

The bears have breached more support levels including the critical support of $360. This has given the bear’s added advantage over the bulls. Bitcoin Cash has fallen to the low of $320 and it is facing minor resistance at the current support. As soon as the bears overcome the support, BCH may drop to $280 low. Nonetheless, BCH may reach the oversold region if the price falls to a low of $280

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.