Bitcoin Cash Recovers and Rebounds above $256, a Retest of $360 High Likely

Bitcoin Cash bulls have been struggling to push the price into the previous highs of $320 and $360. BCH has earlier attained the previous highs in November but was rejected.

On December 11, BCH fell and recovered after falling to its lowest price level. In its first upside momentum, the altcoin rallied to $283. 

After a pullback, the coin finds support above $266. The upside momentum continued as the price broke the resistance at $283 to retest the $300 resistance zone. The coin made a downward correction but finds support above $280. Buyers are making frantic efforts to retest the $320 and $360 resistance zones if the $300 minor resistance is breached. The coin is now trading at $288 at the time of writing.

Bitcoin Cash indicator reading 

BCH price has broken above the SMAs which suggests an upward movement of the coin. Besides, the altcoin is above the 40% range of the daily stochastic. This indicates that the coin has bullish momentum. The coin has risen to level 60 of the Relative strength index period 14. It indicates that BCH is in the uptrend zone and above the centerline 50.

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

Key Support Zones: $200, $160, $120 

What is the next move for Bitcoin Cash?

With the recent price movement, the Fibonacci tool has indicated an upward movement of the coin. Yesterday, the coin retested the $300 resistance zone and pulled back. The retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 1.618 Fibonacci extension. In other words, BCH will reach a high of $320.62.

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.