Bitcoin Cash’s inability to break the $400 resistance has resulted in a further downward move. The earlier price range of between $280 and $320 has been broken as price targets a previous low of $245.
The $280 support has been broken; sellers will seize the opportunity to further push BCH to the previous low of $245. The downward movement of Bitcoin has negatively affected the price levels of other altcoins. BCH will further depreciate to $245 if the selling pressure persists. Today, BCH is trading at $276 at the time of writing. Buyers will be back to push the coin upward if the current support holds. Incidentally, the uptrend will resume and retest the $400 overhead resistance.
The downtrend is testing 26-day EMA to find support. The selling pressure will resume if the price breaks below the EMAs.BCH will rise if the price remains above the EMAs. BCH is in critical condition as the sellers are making a comeback. The crypto has bearish momentum as it is below the 50% range of the daily stochastic.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
The downward move is likely to subside. BCH will resume an upward move if the current support holds. Meanwhile, the Fibonacci tool indicates that an upward move is possible. A red candle tested the 0.618 or 61.8% Fibonacci retracement level. This explains that the coin will rise and reach the 1.618 Fibonacci extension level or $380.
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.