Bitcoin Cash now trades below $250 as bulls face stiff resistance. Buyers have failed to break the initial resistance at $250 after three unsuccessful attempts.
On each attempt at the resistance, BCH is repelled as price falls to the $210 support. The present support has been held since April 10.
Similarly, the initial resistance at $250 has also remained unbroken as bears continue to impose stiff resistance. BCH uptrend will depend on a possible breakout above the resistance. BCH will rally to $350 if the breakout cuts through the resistance levels. Unfailingly, the bears may turn around and break the $200 support, if buyers fail to act. The market will fall to $166 low if the current support cracks.
Yesterday, the bulls made an attempt at the resistance but were repelled. BCH is also above the 50 % Range of the daily stochastic indicating that it has bullish momentum. The EMAs are flat which indicates a range bound action for a couple of days.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
A BCH uptrend is doubtful if buyers fail to overcome the $250 resistance level. Without a breakout, the crypto will continue to fluctuate between $210 and $250 price levels. The uptrend could not be sustained because of the presence of more sellers at the resistance level. The introduction of more buyers at the demand level will push the price upward.
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.