Since April 29 and May 10, BCH has been range-bound between $230 and $280. In late April, BCH rebounded and reached the $280 resistance zone. Thereafter BCH dropped as it reached the overbought region.
The crypto made another rebound in early May to retest the overhead resistance.
On May 10, the market encountered a general breakdown as the price dropped to $230 low. The current level is holding as bulls struggle to push the price upward. This has been the market scenario in the last two weeks. A retest of the $280 resistance is possible if the bulls push the price above $250 resistance. The market will fall to $200 low if buyers turn down from the current level.
The bears had earlier broken beneath the support line of the ascending channel. An uptrend is expected if buyers break above the support line and price is sustained. Presently, BCH is above the 20% range of the daily stochastic, indicating the presence of bullish momentum.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash is in a sideways trend between $230 and the $280 resistance. The market has been fluctuating consistently within the price range. Perhaps, a break above $280 resistance will take BCH out of the current fluctuations.
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.