Bitcoin Cash in its last downward push dropped to a low of $141 on March 12. Immediately, the bulls buy from the low to push the coin to the previous highs. More so, in the last breakdown, the BCH fell to the oversold region at $141. Interestingly, buyers have emerged to push BCH upward.
The bulls have broken the $200 resistance but it is facing another resistance at $240. Nonetheless, this is a positive move and strength possession by the bulls as they battle the resistance at $240. On the upside, a break above $240 will catapult the coin to rally above $320.Conversely, if the bulls fail to sustain price above $200, it may face selling pressure at $240.
Bitcoin Cash was at level 20 of the RSI when it was oversold. Buyers have emerged as the coin rose to level 42. This indicates that the coin is below the centerline 50. It is still in the downtrend zone and tends to fall.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash has risen from its low of $140 to $240. The bulls ought to sustain price above $200; consequent upon failure may attract selling at the $240 resistance level. Interestingly, the bulls emerged in the oversold region to propel the coin upward.
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.