Bitcoin Cash (BCH) reaches the previous low at $200 against selling pressure. The BCH coin may be compelled to a sideways move, if the support holds
The bears are overwhelming as they finally push the price into the downtrend zone. The price penetrated the support at $240 which had been holding for the past one month. The BCH has reached a low of $222 but it is facing difficulty in penetration. The price at $222 is the previous level where the market was consolidating after the upward correction in October. However, as soon as the bears break this level, the coin will drop to a low of $200. We expect the market to continue selling as the bears are in control.
BCH is now trading in the oversold region below 20% range of the daily stochastic. The coin has strong bearish momentum as the price will continue to fall. The price broke the resistance line of the channel and fell into the range-bound zone. The market is now in the bearish trend zone.
Bitcoin Cash is now in a bearish trend as the coin continues to fall. The next move of the coin is to a low of $200. At the support of $200, the price may hold which will result in a sideways move. Traders should wait for the market to exhaust selling pressure before looking for buy setup. In other words, traders should wait as the market reaches a low of $200.
Key Supply Zones: $320, $360, $400
Key Demand zones: $200, $160, $120
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.