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.
Bitcoin Cash indicator reading
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
What is the next move for Bitcoin Cash?
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.
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