Bitcoin Cash has made a tremendous move as price broke the $281 overhead resistance. BCH rebounded thrice above $240 as price rallied to $296 high.
Before the recent breakout, BCH has been trading below the $240 resistance. The bears have earlier broken the support in June and the bulls have been making concerted efforts to push BCH above the $240 resistance. On July 22, the bulls were repelled after retesting the resistance.
The price retraced to $232 and rebounded to break the $240 resistance. The momentum reached the $250 high, and then it retraced to $240 and rallied to a $296 high. Unfortunately, the coin reached the overbought region of the market. The uptrend will have an interruption because of the overbought region. On the upside, if the bulls defend the $280 support, the bullish momentum will continue after a minor retracement. In the meantime, the price is retracing to $280 support.
With the recent rebound, BCH has risen above 80% range of the daily stochastic. The market is now in the overbought region where sellers may emerge to push prices down. Sellers have emerged as the price dropped before a resumption of another move. BCH will continue its rise as the price is above the EMAs.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash uptrend is likely to continue on the upside, despite the minor retracement. The recent retracement has been overwhelmed by bullish momentum. BCH is currently facing resistance at the $300 high. A break above the $300 resistance will propel price to rally above $340 high.
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.