Bitcoin Cash is embarking on a fresh uptrend after bull fails to break the resistance at $256 and $270.
For the past week, BCH rebounded thrice to reach the $270 high. The bearish reaction compelled the coin to drop suddenly. Immediately, the price corrected upward to $260 high. The upward move resulted in price tussle as bears overwhelmed the bulls.
Yesterday, BCH fell to $232 low to resume a fresh upward move. The market is trading at $237 at the time of writing. BCH is rising to retest the $256 and $270 price levels. Nonetheless, if price rises and rebounds above $240, this will propel price to break through the resistance levels of price. However, the upward move will be accelerated if the price breaks the minor resistance at $244 and $252.
BCH uptrend is under threat as price is below the 12-day and 26-day EMAs. The coin is in the bearish trend zone. Meanwhile, the price action has indicated a bullish signal. The market is currently below the 40% range of the daily stochastic. The bearish momentum has been exhausted as the coin resumes upward move.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash is recovering after yesterday’s breakdown. Yesterday, the bears broke the support line and closed below it. BCH will continue its downward move if the selling pressure persists. However, if the bulls break above the support line, the uptrend will resume.
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.