Bitcoin Cash may face further depreciation as the coin fluctuates within the $214 and $240 price level in October. The selling pressure has been heavier at the bottom of the chart as rates tend to breach the lower range. Nevertheless, a break below the $214 price range will induce the coin to go down to the low of $200 support.
Likewise, a break above the $240 range will also mean that the coin will resume its bullish movement. However, if the bulls defend the $200 support, the pair will continue its range-bound movement.
BCH is likely to find support at the $200 point as it fluctuates within the range of $214 and $240 price
The selling pressure will resume if the $200 level is breached.
Key Supply Zones: $320, $360, $400
Key Demand zones: $200, $160, $120
BCH Indicator Reading
BCH/USD may fall as confirmed by the 12-day and 26-day exponential EMAs. That is the market is below the EMAs which indicates that the coin is in the downtrend trend zone. Similarly, we have the Fibonacci device signifying that the bullish candlestick body is testing the 0.786 retracement level during the time of correction.
The Fibonacci tool explains that the coin will drop to the 1.272 extension level. That is the pair will reach the low of $200 support and later reverse. Also, the market is now in the horizontal channel at the bottom of the chart. The breakage of the lower line or upper line of the channel will determine whether the price is declining of increasing. The RSI period 14 level 37 indicates that the coin is approaching the oversold region of the market.
What Is the Next Direction for Bitcoin Cash?
According to the Fibonacci tool, the BCH/USD pair is likely to fall to the 1.272 extension level. That means the lower channel is likely to be broken in a few days to come. The EMAs are sloping southward indicating that the market is in a downward move. However, if the price falls below the $200 support level, the BCH will decline to the low of $166 support.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.