Bitcoin Cash has continued to show weakness after buyers were repelled at the $250 resistance over the last 48 hours. Shortly after the last breakdown, BCH was trading between $230 and $250.
The current downtrend was created when buyers made an attempt to break the $250 resistance. The bulls pushed BCH to $255 high but were repelled as the price fell to $245 low. Then after two days of consolidation above $245, BCH slumped again to $222 low. Unfortunately, the bears have sunk price below the $230 support level, signalling a further downward move. In a few days to come, BCH is likely to fall to the low of $215. Nonetheless, at the recent low, BCH is likely to rebound again.
Bitcoin Cash indicator reading
In its recent downward move, the bears broke the support line and closed below it. Incidentally, it means a further downward move as indicated by the price action. The crypto is below the 25% range of the daily stochastic indicating that the market is in bearish momentum but price action indicates otherwise. The coin is approaching the oversold region.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
What is the next move for Bitcoin Cash?
Bitcoin Cash has continued its downtrend after buyers were repelled twice at the $280 overhead resistance. Presently, the market has fallen to $225 low and the price action is indicating bullish signals. Nonetheless, there are indications that the market will reach a low of $200 or $215. Perhaps, BCH may reach the oversold region.
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.