In the last 48 hours, BCH has been struggling above $228 support. Recently, it rebounded twice as it attempted to break the $240 resistance level.
After the recent fall at the $255 resistance, the crypto was confined between $224 and $240 price level. The bulls and bears tussle with the price within the price range and neither of the two has broken key levels. Presently, BCH has rebounded and is attempting to break the $240 resistance.
The crypto will rally above the $255 if the current resistance is broken. Besides, the current momentum will extend to the $280 overhead resistance. Conversely, if the current move fails, BCH will remain below the $240 resistance and above $224 support. There is also the possibility of a downward move below the $224 support if the bulls fail to break the current resistance.
The market is currently in a bullish momentum as the coin is above the 40% range of the daily stochastic. The price is yet to break above the EMAs and this will impede the upward movement of the coin. The market will fall if the bulls fail to push the price above the EMAs.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash has been trading above 220 after it was resisted at the $255 resistance. The upward move has been restricted between $224 and $250 in the last one week. The crypto will continue to trade in the range until BCH encounters a breakout or breakout.
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.