Bitcoin Cash Looking Weak and Unable to Build Strength as Selling Pressure Persists
Jul 01, 2020 at 11:22 //
News
Bitcoin Cash has further depreciated to the low of $205 after a breakdown. The bears broke the support of the former price range of $230 and it extended to the low of $210.
Nonetheless, buyers responded immediately to correct upward. The price moved up to retest the $225 resistance thrice but unable to break above it. BCH is trading at $223 at the time of writing.
The market is currently fluctuating between $220 and $225. Nevertheless, a strong bounce above $220 will return BCH to $240 high. However, if the coin fails to rebound, the bears will like to break below the current support. This will accelerate a downward movement of price to $210 low. A further downward move is possible as the coin is in the bearish trend zone.
Bitcoin Cash indicator reading
Bitcoin Cash is vulnerable to fall as it is below the EMAs. The crypto will fall after retesting the EMAs. The coin is above the 40% range of the daily stochastic. It indicates that the market has momentum.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
What is the next move for Bitcoin Cash?
Bitcoin Cash is on a downward move as the coin reaches a low of $224. Buyers are currently struggling to push above the current resistance at $225. A break above the resistance will accelerate price movement on the upside. The reverse will be the case if the current is broken.
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