Bitcoin Cash Regains Critical Support at $250, Attempts to Breach Recent Highs
Today, BCH surprisingly rebounded above the $246 support to reach a high of $260. The bulls have succeeded in breaking the $250 resistance level.
Before now, the bears had earlier broken the critical support at $250 to sink the altcoin to $242 low on November 18. The crypto has been fluctuating between $242 and $250 before the outcome of the recent rebound.
The upside momentum is likely to resume as price breaks above the $250 support. Also, buyers have to defend the $250 support level and sustain the bullish momentum above it. Meanwhile, the recent uptrend has been impeded at the $260 resistance. The coin is in a sideways move below the resistance for a possible retest. On the upside, if buyers break the $260 resistance, a retest at the $280 overhead resistance is possible. However, BCH may resume a sideways move if buyers fail to push on the upside.
Bitcoin Cash indicator reading
BCH price is attempting to break above the SMAs which will guarantee the upward movement of the coin. The coin is at level 51 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand. The price is also attempting to break above the support line of the ascending channel. This will enable the coin to rise.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
What is the next move for Bitcoin Cash?
With the rebound today there is a possibility of upside momentum. A break above the $260 and $280 highs will propel the price to reach the previous highs. On October 23 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement gives the impression that the market will rise to level 1.618 Fibonacci retracement level or $304.68 high.
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.
coinidol.com By Coin Idol