Bitcoin Cash Pushes above $240, Battles $280 Resistance

After successive attempts at the $240 resistance, buyers have the upper hand to push above $240 resistance. BCH rebounded at $230 low to reach a high of $260, after the last unsuccessful attempt.

Buyers face minor resistance at $260 which was overcome as price rises to $280. Presently, the bears are defending that level which is a historical price level. 

At the moment, buyers are making efforts to break above $280. It is anticipated that a breakout above $280 will drive BCH to reach the $350 resistance. On the contrary, BCH will be compelled to consolidate below $280 resistance if buyers are unsuccessful.  

Bitcoin Cash Indicator Reading 

As BCH rises to $280, it reaches level 60 of the RSI. It means that the market is in the bullish trend zone and above the centerline 50. The pair is likely to continue its uptrend to the precious prices. Similarly, price bars are over the EMAs which indicate that BCH will continue its rise.

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

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

What is the Next Move for Bitcoin Cash?

Surprisingly, BCH broke above $240 and reached a high of $280. Nevertheless, buyers are battling to break the current resistance at $280. Even so, it is possible for an uptrend if buyers overcome sellers at the $280 resistance. Failures on the part of the bulls will result in a sideways move below the $280 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.