Since August 1, Bitcoin Cash has been stuck below the $320 resistance. Buyers have made three appearances at the resistance zone to break it but to no avail.
For the past two weeks, BCH has been in a sideways move as bulls attempt to break the $320 resistance. Also, sellers attempt to sink the coin below $280 support.
Nonetheless, from every indication buyers may have the upper hand as the coin is in the bullish trend zone. Today, buyers are preparing to revisit the resistance zone. Eventually, if the price breaks the resistance at $340, the market will rise to $380 high. On the other hand, if sellers break below $280 support, the market will drop to $240 low. This is unlikely. Meanwhile, BCH is rising and approaching the high of $295 at the time of writing.
Bitcoin Cash indicator reading
The coin fell and found support above the support line of the descending channel. The market will rise as long as the support line remains unbroken. The daily stochastic bands are sloping horizontally indicating the sideways trend.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
What is the next move for Bitcoin Cash?
BCH is in a sideways trend as it trades below the resistance. Since August 1 uptrend, BCH has been resisted thrice as the retraced candle bodies test the 61.8 % Fibonacci retracement level. It implies that BCH will be reaching a high of $380 or 1.618 extension level.
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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