Bitcoin Cash Breaks above $203 Signaling That Buyers Are Making a Comeback
Jan 01, 2020 at 16:41 //
News
It is worthy to note that BCH had a remarkable run above $200 and that the bullish move is ongoing. Undoubtedly, it is probable for the coin to attain the $227 or $240 price levels. Hopefully, BCH has crossed into the former larger price range. There are no foreseeable barriers as the coin accomplishes the previous highs.
The upward move must be urgent above the $200 otherwise the bears could slide below the support at $200. This will portend negatively on the coin and a setback as well. Nonetheless, it is expected that a successful penetration above $227 will pose easy attainment of the $240 price level. Meanwhile, any barriers at the $227 will compel the coin to a sideways move. Meanwhile, we expect BCH to have more buyers than sellers at the upper price level.
Bitcoin Cash Indicator Reading
It is exciting that the bulls have finally broken above the EMAs. Earlier on the 12-day EMA has posed a barrier to price upward movement. Nevertheless, with the current development, the coin is in the bullish trend zone. BCH tends to rise and reach other previous highs. This has been corroborated by the RSI period 14 that the coin level52 is above the centerline 50. This also indicates that the coin is rising.
Key Supply Zones: $320, $360, $400
Key Demand Zones: $200, $160, $120
What is the Next Direction for Bitcoin Cash?
Certainly, BCH is out of the bottom of the chart if the current move is sustained. What is paramount is to successfully reach the $227 and $240 price level. It is advisable at this point for traders to initiate long orders above the $200 support. At the same time, a stop loss should be placed at a $180 demand zone. This stop-loss order can be varied upward as the price moves upward.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow