Bitcoin Cash has made a surprise move in the last 48 hours to reach the $245 high. For the past week, sellers have pushed the coin to a low of $205. The bulls responded immediately and corrected upward above $220.
For about a week BCH has been consolidating above the $220 support to break into the previous highs. Eventually, BCH rebounded above $220 to reach a high of $245. The price made a pullback.
In the meantime, the bulls are struggling above the $240 resistance to push price to the previous high. The current uptrend can be sustained if BCH finds support above $240 and rebounds. A second rebound will propel price to break the $260 resistance and the momentum will extend to retest the $281 overhead resistance. At the time of writing, the bulls and bears are struggling above the $240 price level.
BCH upward move is likely as the price breaks the 12-day EMA and the 26-day EMA. The coin is likely to rise as it is in the bullish trend zone. The crypto is also in a bullish momentum as it is above the 70 % range of the daily stochastic. However, the market is approaching the overbought region. In the overbought region, BCH may resume a downward move.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
The recent rebound has indicated that the downtrend is over. The bulls have to jump over the hurdles at $260 and $270 before overcoming the overhead resistance at $281. BCH is still fluctuating above the $240 resistance. It will rise if the current momentum is sustained above $240 price level.
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.