Bitcoin Cash Sinks below $240, Faces Rejection at $280 Resistance

The bears broke the $260 support after two days of consolidation. The market fell below $240 support. Previously the bulls have been battling with the $240 resistance in its upward move. It appears BCH will resume a fresh upward move as the previous one has been cancelled by a breakdown. Meanwhile, the pair is falling and approaching the low of $230. It is anticipated that if the price falls to $230 low, it may rebound which will take price back to $260 resistance.

Bitcoin Cash Indicator Reading 

In the meantime, Bitcoin Cash is currently falling because of the stiff resistance at $280. The RSI has fallen to level 49 indicating that BCH is in the downtrend zone. It is also below the centerline 50. Nonetheless, if the current downward move breaks below the EMAs, BCH may fall to the low of $230.

Key Resistance Zones: $440, $480, $520

Key Support Zones: $200, $160, $120

What is the Next Move for Bitcoin Cash?

Unexpectedly, BCH has fallen from its recent high of $280 to a low of $238. However, if the downtrend continues to deepen, the price will reach a low of $200. Traders should adjust their parameters including stop loss to a low of $190. 

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.