Bitcoin Cash Buy the Dips after an Initial Failure at $340 High

Aug 07, 2020 at 09:58 // News
Coin Idol
Bitcoin Cash price is close to the resistance zone

Today, BCH is approaching the high of $330 after its rebound above $290 support. In the August 2nd uptrend, the coin reached a high of $340 but was repelled.

The breakdown was enormous as the price fell to $245 low. The current move is to retest the $340 resistance. The price is already close to the resistance zone. 

Expectantly, the market will rally to $400 high if the resistance at $340 is breached. In other words, the price will have accelerated movement on the upside. Conversely, if buyers fail to overcome the current resistance, sellers may attempt to break below $280 support. Suddenly, the market will fall to $240 or $260 low if the current support cracks.

Bitcoin Cash indicator reading 

BCH is in a bullish momentum as it is above the 60% range of the daily stochastic. This was the result of its earlier rebound above $290 support. The uptrend is likely to be accelerated if price breaks and closes above the resistance line. The market stands the chance of falling if price breaks and closes below the support line.

BCH-Coinidol_(1) (1).png

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

Key Support Zones: $200, $160, $120  

What is the next move for Bitcoin Cash?

The crypto is likely to arise concerning the recent price action. The red candle body tested the 0.618 Fibonacci retracement level. This explains that buyers will break the $340 resistance and the market will reach a high of $375. That is, BCH will reach the level 1.618 Fibonacci extension level. 


Disclaimer. This analysis and forecast are the personal opinions of the author and 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.

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