Bitcoin Cash Is Range-Bound Below $280 Resistance

After attaining its peak price of $280, Bitcoin Cash has been fluctuating between $200 and $280 since April 7.

In the first attainment of peak price, BCH was overbought as the market slumped to $200. The bulls made a second attempt to break the overhead resistance, but the crypto fell to $250 support. BCH rebounds above the $250, yet the $280 resistance remains unbroken. 

The bulls and bears resorted to a range-bound movement between $200 and $280. Sellers have the upper hand as the coin trades below the $250 resistance. The crypto will further depreciate to $200 low if the selling pressure continues. Conversely, if the bulls push above $250 resistance, a retest of the overhead resistance is possible.

Bitcoin Cash indicator reading 

BCH has been on a downward move after the second failed attempt to break the $280 resistance. Presently, BCH is below the 60 % range of the daily stochastic after the downward move. From the price action, the market is showing bearish signals.

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

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

What is the next move for Bitcoin Cash?

The bulls’ inability to break the $280 overhead resistance has generated fluctuation between the $200 and $280 resistance. As price is below the EMAs, the bears may push BCH the lower price range. Similarly, if the price is above the EMAs, the bulls may want BCH to retest the overhead resistance to break it.

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.