Bitcoin Cash is in an upward move as it reaches the high of $426 at the time of writing.
The upward move commenced at the low of $371. The altcoin has a chance of resuming a fresh uptrend if buyers can push BCH above $440 high. However, if the bulls fail to sustain above the $440 high, it is likely to retrace or fall to the previous low and then resume an upward move. In a similar price action on January 4, the buyers pushed the coin to $467 but retraced to $378 low before embarking on a fresh uptrend. Eventually, the uptrend reached a high of $632 on January 10. Meanwhile, the bulls are still struggling to push on the upside.
BCH has fallen into the oversold region of the market. It is above the 15% range of the daily stochastic. It indicates that the coin is in a bullish momentum. Besides, buyers are likely to emerge in the oversold region.
Key Resistance Zones: $560, $580, $600
Key Support Zones: $240, $220,$200
BCH has regained bullish momentum and it may probably rise. On January 29 uptrend; the retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 1.272 Fibonacci extensions. In other words, BCH will rise to a high of $439.02 and reverse.
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.