Bitcoin Cash revived its upward move as price rebounds above $230 to break out of the current range-bound movement.
After the last bearish impulse, BCH resumed a range -bound movement between $230 and $245. Buyers have not been able to push above the current resistance at $245.
Today, buyers were repelled as they attempted to retest the $245 resistance. Incidentally, there was the presence of the sellers at the resistance zone. The market is also approaching the overbought region where we have sellers to push prices down. The coin is likely to move up above $256 if the current resistance is breached. However, BCH will remain range-bound if the current resistance remains unbroken.
The bulls are attempting to break above the 12 and the 26-day EMAs. A break above the EMAs will accelerate the price movement. The crypto is in a bullish momentum as it is above the 25% range of the daily stochastic.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash is currently range-bound above the $230 support. There are possibilities of an upward move if the current resistance is breached. Conversely, if the BCH/USD turns down from the current resistance, the bears are likely to break the support at $230. The coin is likely to fall to $160 low.
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.