Bitcoin Cash is gradually in a downward move as bulls struggle to sustain above the critical support at $250. For the past three days, the crypto has been fluctuating above the critical support.
Firstly, on December 9, BCH fell to the low above $258 and corrected upward. The correction was terminated at $270 as the coin resumed a range-bound move between the price levels.
As the coin fluctuates, buyers could not push above the $270 price level. However, yesterday, sellers were at a point of breaking the support level but could not. Today, BCH is consolidating above the current support as the market prepares to trend. On the downside, if the bears decide to break the current support, the altcoin will decline to $241 low. The market will tend to move up if the current support holds.
Presently, the coin is at level 43 of the Relative Strength Index. It indicates that the altcoin is in the downtrend zone and below the centerline 50. It appears the price has broken below the SMAs which suggest that BCH is likely to fall.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash is consolidating above the $250 support level. From the price action, the market corrects up to two or three days before the coin will trend. The Fibonacci tool has indicated a further downward movement of the coin. On December 1 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to fall and reach a low of 1.618 Fibonacci extensions. That is a low of $241.57.
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.