Bitcoin Cash has been consistent in its upward move as it broke the resistance line of the descending channel. BCH is likely to face selling pressure at this resistance level.
The ability and the buying power of the bulls will determine the upward move. Normally, the bears will put up resistance to aggressively defend the level.
Interestingly, BCH will have a change in the trend, if the bulls push above the channel and price is sustained. The pair will rise and break the $240 resistance and rally above $280. The momentum can extend to $320. Conversely, if the bears overwhelm the bulls and price turn from the $232 resistance, BCH will drop to either $180 or $160. Meanwhile, the bulls are still pushing BCH upward
The market is in an upward move. BCH is above 75% range of the daily stochastic indicating that it is in bullish momentum. The price has broken above the 12-day EMA and if it breaks above the 26-day EMA, BCH will be in the bullish trend zone.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash upward move is possible if the bulls overcome all the resistance levels. BCH will rise once $240 resistance is breached and the resistance line is also taken care of. The pair has been trading below the $240 resistance immediately after the first resistance.
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.