Bitcoin Cash Rebounds for a Possible Breakout
May 08, 2020 at 11:49 //
News
In the last 24 hours, Bitcoin Cash rebounded after bears sank the crypto to a $240 low. Incidentally, this was the low BCH rebounded from to reach the $280 high.
The upward move becomes impossible because the crypto reached the overbought region. Besides, sellers emerged to push BCH downward. As price drops to the previous low, three resistance levels were created during the downward correction.
The resistance at $280 resulted in the coin falling to the low of $250 support. As price corrected upward it was resisted at $267. This caused the market to fall to $240 low. A Further upward move has been resisted at the $250 resistance. The bulls failed to break $250 resistance level after the rebound. Certainly, it is possible for BCH to rise. A strong rebound will break through the resistance levels of $250, $267 and $280.
Bitcoin Cash indicator reading
Yesterday, as the coin rebounded, the daily stochastic bands were making a U-turn indicating an upward move. The indicator is currently above the 40% range of the daily stochastic. It implies that BCH has bullish momentum.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
What is the next move for Bitcoin Cash?
Yesterday, BCH’s initial rebound failed to break through the $250 resistance. The bulls are struggling to push the price above resistance. Nonetheless, if the bulls jumped over the first hurdle, the crypto is likely to battle the resistance at $267 and $280.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow