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.
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
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.