Bitcoin Cash Recovers from Downtrend, Faces $240 Resistance

Bitcoin Cash is making a steady upward move after the last bearish impulse. At the low of $140, the bulls have pushed the price back to the high of $240. However, the bulls are finding penetration difficult at the current resistance.

In the first attempt at the resistance, the bulls were resisted and the market fell to a low of $200. A rebound occurred and the bulls embarked on a fresh upward move to retest the $240 resistance. BCH has risen to $226 as it approaches the resistance level. It is possible for BCH to attain a high of $280 and $320 if the $240 resistance is broken. Conversely, the downward move will ensue if the bulls fail.

Bitcoin Cash indicator reading 

Bitcoin Cash is rising from the oversold region because of the emergence of bulls. It is also anticipated that BCH will rise if the bulls break and close above the resistance line of the descending channel. BCH will resume an upward move if the resistance line is breached.

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

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

What is the next direction for Bitcoin Cash?

Bitcoin Cash’s upward move has been hampered because of the resistance at $240. Presently, the price is still fluctuating below the resistance at $240. A break above the $240 resistance is expected for BCH to move upward. The sideways move will continue if the bulls fail to breach the resistance level. 

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.