Bitcoin Cash Holds 92% Gain after Breaching Key Levels

Feb 12, 2020 at 11:22 // News
Coin Idol
Bitcoin Cash continues its bullish run

Bitcoin Cash continues its bullish run as the coin approaches a high of $480. BCH has made over 90% bullish gains in its current uptrend. The coin has a smooth uptrend. This is not to say that the bears did not put up a fight.

The market consolidated for a week before the $400 resistance was broken. The bulls and bears also tussle with the price as the former overcame to push above the $440 price level. Interestingly, BCH has kept up the current momentum to push above $480. Nonetheless, the resistance at $480 cannot be ruled out as the Bitcoin Cash reaches the peak price of $520.

Bitcoin Cash Indicator Reading 

Bitcoin Cash has risen to level 77 of the RSI period 14. This indicates that BCH is in the overbought region. The buying is likely to be exhausted as sellers take control of price. In the overbought region, sellers come in to push the prices downward. Nevertheless, buyers are not available in the region to tussle with the sellers. The EMAs are sloping upward indicating the powerful uptrend.

BCH-Coinidol (1).png  

Key Resistance Zones: $320, $360, $400

Key Support Zones: $200, $160, $120

What is the Next Direction for Bitcoin Cash?

In a couple of days to come, we shall have the bull market overriding the bear market. This is courtesy of the powerful uptrend of Bitcoin Cash. Meanwhile, if the current momentum is sustained, BCH will attain a $520 price level. Bitcoin Cash may face selling pressure as we approach overbought market conditions.

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.

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