Bitcoin Cash is making positive steps to the upside. The price has risen to $244 resistance after the recent move.
The recent high has been retested on July 6. Then buyers retested the price on three occasions but failed to breach the resistance level. The price made a gradual fall to $232 low. BCH dropped sharply to $217 low after retesting the $240 high.
Since then a fresh uptrend has resumed. BCH is facing rejection at the $240 high after retesting $246 resistance. Presently, the coin is consolidating above $236. A strong bounce above $236 will propel price to break the $246 resistance. The momentum will extend to the $260 high. Where the $246 resistance is not breached, BCH will continue to consolidate between $210 and $260 price levels.
The price is above 12-day EMA and the 26-day EMA which indicates that the coin will continue to rise. The crypto is above 70 % range of the daily stochastic. The market is in a bullish momentum and approaching the overbought region of the market.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash has continued to be range-bound since March because BCH lacks buyers at higher price levels. For instance, on July 22, the coin rebounded to reach the high of $240, but the bulls failed to sustain the upward move. Certainly, the price is retracing and will break below the EMAs if the bulls fail to sustain the upward move.
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.