Unexpectedly, Bitcoin Cash made a surprise upward move to a high of $360. The bulls have successfully penetrated the resistance levels of $200, $240, $270 before they were stopped at $360. There is still the possibility of its continuous move if the momentum is sustained.
The coin is retracing after its resistance at $360. If it retraces and holds at the $320 support, BCH will resume its upward move to retest the $360. Possibly the uptrend will commence as soon as the $360 resistance is breached. The market may drop to the low of $270 if the $320 support cracks. Meanwhile, the coin is fluctuating above the $320 support pending the next upward move.
The price breached all the trend lines and closed above them. This indicates price upward movement. The RSI has risen to level 71 indicating that price is in the overbought region of the market. Undoubtedly, sellers may come in at the overbought region of the market.
Key Resistance Zones: $320, $360, $400
Key Support Zones: $200, $160, $120
Bitcoin Cash is now in a bullish trend. There is no doubt that the upward move will be sustained as the bulls overwhelmed the bears. The bulls are to be cautious not to allow the bears to slide below
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.