Bitcoin Cash Stuck at First Resistance, Resumes Downtrend

The bears' overwhelming control above the bulls took the coin to a low of $170. Subsequently, the price corrected and retested the resistance at $190. The coin pulls back and makes a sideways move. The bulls have retested the resistance twice as it continues its sideways move.

Presently, Bitcoin Cash is facing price rejection; the bears may take advantage to move the coin beneath the current low. Nevertheless, a break beneath $170 will propel BCH to reach either the low of $166 or $160. Alternatively, the sideways move may continue to linger between $170 and $190.

Bitcoin Cash Indicator Reading 

The last bearish impulse was at the bearish trend line. The coin bounces back but was repelled at $190. Conversely, sellers would have resumed if the $170 low is broken. The pair is in a bullish trend as the coin is above 25% range of the indicator.

Key Supply Zones: $320, $360, $400
Key Demand Zones: $200, $160, $120  

What is the Next Movef or Bitcoin Cash?

Undoubtedly, Bitcoin Cash is still under bear control. Since the upward move has been rejected, further selling may occur. Sellers will resume a downward move once the $170 is broken. Nonetheless, the coin is in a bullish momentum, the bulls may want to defend the current low.

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.