Bitcoin Cash Consolidates Above $280 as Buyers Attempt to Push Price Above $300
Bitcoin Cash has earlier risen to a high of $297. However, for the past three-day price movement has been stalled below $300 resistance. On July 30, buyers were attempting to break the resistance but were repelled.
Today, BCH is fluctuating between $280 and the resistance at $300. A break above the resistance will propel the price to rally to the next target of $360. BCH will rise and reach the next target with little or no resistance. Presently, buyers are retesting the $300 price level to break above it.
Bitcoin Cash indicator reading
The crypto has continued to trade in the overbought region of the market. The market will continue to rise in a strong trending market. However, the overbought or oversold conditions may not hold in a trending market. The upward move is set as the price bars are well above the EMAs.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
What is the next move for Bitcoin Cash?
Bitcoin Cash uptrend has taken a breath as the market consolidates above the $280 support but below the resistance at $300. Buyers have difficulty in penetrating the $300 resistance after the July 28 rebound. A red candle body tested the 0.50 retracement level. It indicates that BCH will rise and reach the level 2.0 Fibonacci extension level. In other words, the market is expected to reach $320 high.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
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