Bitcoin Cash has made an impressive move as buyers attempt to push prices above $260 high. At the $260 support, BCH will have price acceleration to $300 high.
The coin will be out of the downward correction. Nonetheless, it will signal the resumption of a bull market. However, in the last 24 hours, the bulls were repelled at the $256 price level as they pushed prices upward.
Today, BCH faces another rejection at the $260 resistance. The $260 resistance has been the major impediment to BCH upward move. Consequently, if buyers fail to overcome the $260 resistance, the coin will fall to the previous lows. Nevertheless, sellers may want to use the advantage to break below the $230 support which will compel the coin to decline to the $215 low. Presently, the crypto is trading at $253 at the time of writing.
The recent surge has made BCH trade in the bullish trend zone. The coin is trading above the Simple Moving Averages which suggests a further upward movement of the coin. BCH is above the 80% range of the daily stochastic. It implies that the crypto has reached the overbought region of the market. That is, sellers may emerge to push prices down.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
From the price action, BCH will rise beyond the $260 resistance if the bulls sustain the upward momentum. On September 29 uptrend; BCH was repelled at the $230 high. The retraced candle body tested the 50 % Fibonacci retracement level. With this retracement, the coin will resume an upward move to level 2.0 Fibonacci extension. That is the high of $264.09.
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.