Bitcoin Cash Battles Resistances at $300 and $320, Approaches the Overpriced Region

Bitcoin Cash Battles Resistances at $300 and $320, Approaches the Overpriced Region

August 14, 2020

In the last 24 hours, BCH rebounded above $280 as buyers pushed the coin to the previous high. Today, BCH is facing rejection at the $300 high after a brief upward move.

For the past week, the price was under the control of sellers as BCH was repelled from the $320 high. At first, price broke the $300 support and pulled back. 

After days of consolidation, sellers intended to sink BCH further below the $280 support level. They succeeded as the price reached a low of $270. The price corrected upward above $280 and rebounded. The upward move is in jeopardy as buyers have to jump over the hurdles above $300 and $320 before retesting the overhead resistance at $340. BCH will be compelled to fall if the resistance remains unbroken. 

Bitcoin Cash indicator reading 

The price is unstable above the EMAs. Initially, buyers broke above the EMAs but are now losing possession of price. The bottom line is that if price breaks below the EMAs, the coin will resume a downward move. BCH is above the 25% range of the daily stochastic. It indicates that the coin is in a bullish momentum.

Key Resistance Zones: $440, $480, $520

Key Support Zones: $200, $160, $120  

What is the next move for Bitcoin Cash?

BCH is recovering after the recent fall below the $280 support. From the daily chart, August 2 uptrend reached a high of $340 and was repelled. The red candle body tested the 0.786 Fibonacci retracement level. This gives us the clue that the market will rise and reach the 1.272 Fibonacci extension level. In other words, the market will reach a high of $350.

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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