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.
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
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.