Bitcoin Cash is under pressure with bears bent on breaking the support at $200. Since a week ago, sellers have been consistently testing the support to break it.
On November 25, a close attempt was made as the support was broken but the price pulled back immediately. Bitcoin Cash is oscillating between $197 and $210 at the bottom of the chart.
Bitcoin Cash is in a deadlock as the bears could easily break the support while the coin depreciates. Sellers' pressures have compelled the coin to fluctuate at the bottom of the chart. There is an indication that the price will drop to a low of $160 or $166 if support at $200 is broken.
The bearish pressure is ongoing on the support line of the channel. Nevertheless, if sellers push price below the support line and selling is sustained, BCH will drop seriously. The price may drop to the next support at $160. The RSI period 14 level 31 indicates that selling will continue as the coin reaches the oversold region.
Key Supply Zones: $320, $360, $400
Key Demand zones: $200, $160, $120
The bulls have succeeded in defending the support at $200. Meanwhile, the bears are unrelenting as the sellers put pressure on the buyers. The support level had been holding for the past three months. The bears have tested the $200 price level on four occasions making the support a strong one. However, a breakdown at the support will result in further depreciation. Bitcoin Cash will fluctuation if the support remains intact.
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.