Bitcoin Cash rose and fell in a dramatic way. In its upward move on April 29, the bulls broke the $250 resistance level and moved up.
However, after a downward correction, BCH rebounded above $250 support and rallied to $280 resistance. Regrettably, the bulls could not sustain the uptrend as the price dropped to the previous support above $250. BCH is commencing a fresh uptrend above $250 support. It is anticipated that if the bulls are successfully above $280 resistance, BCH will rally above $350 resistance. In the same vein, BCH will drop to $200 low, if buyers fail to break the overhead resistance.
The market is below the 80% range of the daily stochastic. The indicator is still indicating a bearish momentum even though the bears have exhausted the downward move. The price action is showing a bullish signal as the $250 support holds and the market is moving upward.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash is making an upward move after breaking the $250 resistance level. The bulls are yet to break the $280 resistance level. The coin is currently trading above the support line of the channel. BCH will embark on a downward move if the bears break below the support line of the channel.
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.