The sideways trend is likely to continue for Bitcoin Cash unless a possible breakout is achieved. December 11, Bitcoin Cash (BCH) is confined between the levels of $200 and $227.
Unarguably, Bitcoin Cash had been ensnared in a price range for over three months. The coin had been trading in a confined range between the levels of $200 and $240. In October, the price corrected upward but was resisted at $310. In November, the BCH fell back to the range-bound zone. The bears were unable to breach the low at $200; rather the coin rebounded to resume trading at the bottom of the chart.
The coin rebounded and reached a high of $225. At the bottom of the chart, the market fluctuates between $200 and $227. Meanwhile, the sideways trend has brought about a balance between the bulls and the bears. Presently, the bulls and the bears have reached equilibrium and no overwhelming authority on each side. Interestingly, a breakout at either of the level will be very powerful.
The RSI is still fluctuating between level 30 and 37 as the price is said to be below the centerline 50. This means that the coin is a sell signal. The expectation for now is that a breakout is possible. The probable level is the low at $192. The price has already broken the support and pulled back. A further selling will resume if the low at $192 is breached.
Key Supply Zones: $320, $360, $400
Key Demand Zones: $200, $160, $120
Bitcoin Cash is certainly going to continue the sideways trend as we wait for a price breakdown or breakout. There are indications that a breakdown at the low of $192 will push the coin to a low of $160. Also, during the time of volatility, the price can bounce and break the initial resistance at $225.
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.