Bitcoin Cash has continued to show weakness after buyers were repelled at the $250 resistance over the last 48 hours. Shortly after the last breakdown, BCH was trading between $230 and $250.
The current downtrend was created when buyers made an attempt to break the $250 resistance. The bulls pushed BCH to $255 high but were repelled as the price fell to $245 low. Then after two days of consolidation above $245, BCH slumped again to $222 low. Unfortunately, the bears have sunk price below the $230 support level, signalling a further downward move. In a few days to come, BCH is likely to fall to the low of $215. Nonetheless, at the recent low, BCH is likely to rebound again.
In its recent downward move, the bears broke the support line and closed below it. Incidentally, it means a further downward move as indicated by the price action. The crypto is below the 25% range of the daily stochastic indicating that the market is in bearish momentum but price action indicates otherwise. The coin is approaching the oversold region.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash has continued its downtrend after buyers were repelled twice at the $280 overhead resistance. Presently, the market has fallen to $225 low and the price action is indicating bullish signals. Nonetheless, there are indications that the market will reach a low of $200 or $215. Perhaps, BCH may reach the oversold region.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.