Bitcoin Cash Rebounds and Regains Bullish Momentum as Price Stalls Below $235September 30, 2020
In the last 48 hours, BCH rebounded again from the earlier bearish onslaught at the critical support. Before now, the bears have taken the price to the low at $203 on September 23 breakdown.
The bears are bent in breaking the support at $200 which has not been broken since March. Meanwhile, the bulls ‘buy the dips’ which enables the coin to move upward to the $234 high. Today, BCH is trading at $227 at the time of writing.
At this price level, BCH will be struggling with a downward correction. However, if buyers can push prices above $240 high, the coin will be out of the bearish trend zone. The crypto is likely to have an accelerated price movement. Possibly, the market will rise to the previous high of $280 before encountering any resistance. Bitcoin Cash will be compelled to a sideways move below the current resistance if the upward move fails.
Bitcoin Cash indicator reading
In the current uptrend, the BCH price has broken the 12-day EMA. The coin will rise once it breaks above the EMAs. Currently, it is in a bullish momentum as the market is above the 60% range of the daily stochastic. The EMAs are making a U-turn northward indicating the upward.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
What is the next move for Bitcoin Cash?
Following the recent rebound above $200 support, it is an indication that the critical support is likely to hold. When the critical support holds, the upward move will resume. On the other hand, if the critical support fails to hold, the BCH will further decline to 1.272 Fibonacci extension or $178.18 low.
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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