Bitcoin Cash has resumed its upward move despite the breakdown on June 2. The breakdown was a result of price reaching the overbought region.
BCH is recovering from the $242 low as the market reaches $260 high. The uptrend is facing resistance at $264 high as it trades below $260 high. Before now buyers intended to retest the $270 resistance level but were repelled at $264 high.
In the second retest, the crypto fell to $245 low and resume the upward move. Presently, BCH is currently trading at $256 high. On the upside, if the bulls sustain price above $256, the $270 and $280 resistance is likely to be breached. BCH upward move will be accelerated if the bulls are successful above $280 resistance. The market will continue its momentum to $320 high.
Also, BCH is above 50% range of the daily stochastic. However, the daily stochastic bands are horizontally flat, indicating the sideways movement of the coin. BCH is presently in a sideways move below $260 resistance. The bulls are making frantic efforts to break above the minor resistance.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash uptrend is likely as price is above the 12-day and 26-day EMAs. The major targets of the bulls are the breaking of the resistance levels of $270 and $280. BCH is still struggling to break above the $260 minor resistance. However, the sideways move will continue if the bulls fail to break the minor resistance.
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.