Bitcoin Cash Looks Ready to Engage Significant Price Level

Jun 05, 2020 at 12:20 // News
Coin Idol
Sellers emerged to push Bitcoin Cash to $242 low

About 48 hours ago, buyers pushed BCH to the $270 high. Unfortunately, the coin reached the overbought region. Consequently, sellers emerged to push BCH to $242 low.

Interestingly, buyers recovered immediately as they pushed towards the region of $260. In retrospect, BCH has earlier attained a peak price of $280 in April. This price level has been knotty to break. In April and May, the bulls have been repelled at this level with a major breakdown. 

Today, if BCH has a strong bounce above $250 support, the price will break through the overhead resistance and the momentum will extend to $350 high. However, the bears will still provide resistance to the bull’s onslaught. The crypto will be compelled to a sideways move if the bulls fail to break the overhead resistance.

Bitcoin Cash indicator reading 

Presently, the price bars are clearly above the 12-day and 26-day EMAs. This indicates that the crypto is rising. Also, BCH is above 74 % range of the daily stochastic. This explains why the market has bullish momentum.


Key Resistance Zones: $440, $480, $520

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

What is the next move for Bitcoin Cash?

Bitcoin Cash is in a bullish run to retake the $270 price level. The bulls lost the level because BCH was in the overbought region. However, in a strong trending market, the overbought or oversold conditions may not hold. Meanwhile, the bulls are struggling to break the $260 resistance level.

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.

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