Bitcoin Cash Rebounds, Faces Stiff Resistance at $240

Apr 17, 2020 at 15:35 // News
Coin Idol
The rebound reached a high of $240 against the proposed high of $250

The bears showed supremacy as price broke below $220 and extended the fall to a $212 low. Buyers responded by pulling back price above $210.

The crypto complimented by rebounding above $210 low. The rebound reached a high of $240 against the proposed high of $250. Analysts had earlier opined that a rebound will reach a high of $250.

 As the market tested the $240 high, there was rejection as price falls to $230 low. Incidentally, the $230 low was the previous low where the coin has earlier rebounded on April 6. They say a historical price level often repeats itself. This can be possible if buyers sustain above $230 support. We expect the price to do a turn around to retest the $280 resistance. 

Bitcoin Cash Indicator Reading 

The recent downward move to a $220 low resulted in the coin reaching the oversold region. BCH is below 20 % range of the daily stochastic but the stochastic bands are making a U-turn indicating that price has bullish momentum. The EMAs are horizontally flat indicating a range-bound zone.

BCH- Coinidol.png

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

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

What is the Next Move for Bitcoin Cash?

BCH was oversold as the market reached a low of $220. Buyers have appeared at the oversold region as the market begins upward move. The crypto will retest the previous levels if the bulls breach the $240 resistance level. This will create an enabling environment for possible rallies.

Disclaimer.  This analysis and forecast are the personal opinions of the author 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.

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