Bitcoin Cash continues its bearish run but may revisit the price at $192. It has maintained its fluctuation within the price range of $200 and $240. Nevertheless, the bears had at one time broken the support as the price reaches another low of $192. There was a spontaneous pullback as BCH moved up toward the earlier range.
Selling has resumed as the price heads to the bottom of the chart. The selling possibly will continue and reach the price at $192. A break below the $192 low may depreciate the coin. That is, it will signal a downtrend. Conversely, a bounce at the support will compel the market to begin a range-bound movement.
BCH is nearing level 34 of the Relative Strength Index. This implies that the downtrend is deepening. BCH may decline as the coin is trading below the EMAs.
Key Supply Zones: $320, $360, $400
Key Demand Zones: $200, $160, $120
A close watch of the market is necessary to know whether BCH will reach its low at $200 and reverse or continue its decline. A possible breach at its low of $192 will mean the continuation of the downtrend. The stoppage of the selling pressure is an indication of the commencement of a range-bound movement.
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.