On November 13, the Bitcoin Cash price is consolidating above $280, and a bounce will see the coin reach $280. The pair will fall if the $280 support level is breached.
Unfortunately, the $310 resistance level could not be breached after an unsuccessful attempt by the bulls. However, the BCH is likely to revisit the resistance as the coin makes a pullback. The retracement was necessitated because of the defense of the bears at $310.
This was the reason for the sideways move of the coin. BCH is currently trading at $287 and a bounce at $287 will compel the coin to reach a high of $360. Bitcoin Cash will be in a position to resume an uptrend move.
As already indicated, the resistance at the head and shoulder pattern could not be breached. The EMAs are trending northward meaning that the coin is rising. Nonetheless, as the BCH retraces it is not likely for price to drop beneath the downtrend line. However, it is assumed that when the downtrend line is broken, the selling pressure may have been exhausted.
Expectations are for the coin to rise. The RSI level 58 is suggesting that BCH is above the centerline 50. This indicates that the coin is expected to rise. Presently, the market is above the moving average which connotes that BCH will rise.
Key Supply Zones: $320, $360, $400
Key Demand zones: $200, $160, $120
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.