Bitcoin Cash Sustaining the Current Uptrend as Coin Trades Marginally
Oct 23, 2020 at 12:46 //
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Expectantly, BCH is in an uptrend as the coin trades in the bullish trend zone. Buyers are in control as they push prices above the $250 support level.
There is a certainty of price upward move if the current momentum above $250 support is sustained. Today, the market has moved up to $272 at the time of writing.
We are expecting the market to reach a high of $300. Similarly, BCH reached a $320 high in August before the resumption of the downtrend. Nevertheless, BCH's upward move is very fragile as the coin can easily slump below $250 support if the bulls fail to sustain the bullish momentum. A break below $250 low will mean further downside.
Bitcoin Cash indicator reading
BCH is at level 67 of the Relative Strength index period 14. It indicates that the coin is in the uptrend trend zone. It is capable of a further upward move. BCH price breaks the downtrend line and closes above it. This incidentally means a change in the trend if the current price does not fall into the range-bound zone.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
What is the next move for Bitcoin Cash?
The altcoin has already crossed the initial resistance above the $265 high. On October 15 uptrend; BCH was resisted at $265 high. The proposed upward move is likely to commence in the current uptrend of today. BCH will rise to level 1.618 Fibonacci extension. In other words, the coin will reach a high of $299.25.
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