Last week, Bitcoin Cash survived further selling below $300 because the market had earlier slumped into the oversold region. By default, buyers are expected to emerge in the oversold region to push BCH upward. Positively, if the price is above $360 and the momentum is sustained, BCH will be back to its uptrend.
Certainly, a possible move to a high of $500 is possible. Nevertheless, the bears are likely to defend the $360 as the bulls push forward. Conversely, BCH will slump to $300 low, if the bulls turn down from the breakout level of $360. Meanwhile, BCH is still in uptrend as it approaches the high of $360.
As BCH is rising, the RSI has also risen to level 42 meaning that it is still in the downtrend zone. Besides, BCH is beneath the centerline 50. Incidentally, it is prone to falling as it is in the downtrend zone.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
Bitcoin Cash is attempting to resume its uptrend. Can it jump over the hurdle at $360 resistance? The consequence has already been given as the price may drop again to $300 low. In that situation, the price will be compelled to a sideways move if the support holds.
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.