Bitcoin Cash Holds Above $240 Support, Targets above $300 High
Oct 21, 2020 at 10:17 //
News
Since BCH fell from the peak price of $265 on October 15, the coin has not recovered to that price level. All downward corrections and price movements were restricted below $253 high.
Today, BCH rebounded above $244 support as price reached a high of $252. After the rebound, buyers fail to continue with the bullish momentum.
Consequently, the BCH price is falling. If it falls and finds support above $250, the coin will resume a fresh uptrend. The upside momentum will resume above the $250 support. Besides, a rally above $260 resistance is expected. However, if the selling pressure persists, the coin will drop to either $ 238 or $243 and then resume a sideways move below the recent high.
Bitcoin Cash indicator reading
The crypto has retraced and found support above the 21-day SMA as the coin resumed upward move. BCH will continue to make an upward move as long as price is above the SMAs. The moving averages have a bullish crossover. The 21-day SMA crosses above the 50-day SMA which indicates a buy signal.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
What is the next move for Bitcoin Cash?
Bitcoin Cash is likely to move up once the $260 resistance is breached. On October 15 uptrend; BCH was resisted at $265 high. The retraced candle body tested the 61.8% Fibonacci retracement level. With this retracement, BCH will rise and reach a high of 1.618 Fibonacci extension. In other words, the coin will reach a high of $301.76.
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