Bitcoin Cash is trading at $184 after the last breakdown. The breakdown was caused as a result of the bull’s failure to break above $340 resistance. The selling pressure extended to $260 and subsequently to the low of $140. The bulls and bears tussle at the low of $140 as there was buying at lower levels.
As there was buying at a low of $140, the market rises above $180. Interestingly, if the bulls will make concerted efforts and push above $200, the market will reach the previous high of $260. Presently, we are in a bear market and if the bears decide to breach the $140 support, the downtrend will resume to the low of $105.
Bitcoin Cash has fallen into the oversold region twice and is presently trading in the region. In recent times buyers have failed to emerge to push the coin upward. Instead, the coin will continue to linger in the oversold region.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin is still at the bottom of the chart. Recently, buyers were introduced as the market went up above $180. It is expected that if the bulls take another step to push BCH above $200, we will assume that the coin has gained strength. Also, it is probably out of the current downtrend. We know that the bears will put up a good resistance at the $200 resistance.
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.