Bitcoin Cash Price Analysis: BCH breaks out of its consolidation and commences a bullish movement. BCH will resume its uptrend once the price breaks the previous high of $300.
Bitcoin Cash price Long-term forecast: Bullish
Recently, the Bitcoin Cash price has continued to make an impressive move in the direction of the previous highs. Presently, the market is facing resistance to a significant area of the price zone. In retrospect, the bears were on this critical price level on three occasions before the price zone was breached. Later sellers resumed as the price fell to a low of $200. Nonetheless, BCH has risen again to retest the previous highs.
However, Bitcoin Cash's continual rise will be determined if the previous high of $300 is violated. Two days ago, the coin has been making frantic efforts to violate the $300 previous high. The market will rise and reach the highs of $360 or $400 on the condition the bulls overcome the $300 price level. Nonetheless, BCH may be compelled to a sideways trend if the bulls fail to break the previous high of $300.
The horizontal channel was broken as the market continues its rise. The RSI levels 68 signal that price is in an uptrend. The EMAs have a bullish crossover as the blue line crosses over the red line indicating a price rise.
The coin is rising as the bulls continue to push the price to previous highs. All the daily indicators are signaling an upward movement in favor of Bitcoin Cash. The market will maintain its rise if the price pushes through the previous high of $300. Conversely, the coin will fall and trade below the $300 price level.
Key Supply Zones: $320, $360, $400
Key Demand zones: $200, $160, $120
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.