Bitcoin Cash continues its positive move after successfully breaching the resistance at $360. The coin has run into a hitch as the bulls were resisted at the $400 price level. The current resistance is a historical price level in July where the price consolidated before its downward move. Today the market is still respecting the same price level.
Incidentally, this will be the last bridge the coin will cross to resume its uptrend. Nonetheless, the price is retracing and if it finds support at $380 or $360, the bulls will resume their upward move. It is anticipated that the coin will reach the high of either $480 or $520; if the resistance at $400 is breached.
Bitcoin Cash Indicator Reading
Bitcoin Cash is in the overbought region of the daily stochastic. BCH upward move will be hindered as the buying has been overdone. Under this market condition, the bulls will not be available to push the price upward. This is one reason the coin is falling.
Key Resistance Zones: $320, $360, $400
Key Support Zones: $200, $160, $120
What is the Next Direction for Bitcoin Cash?
The pair is trading as it makes the last push above $400. Unfortunately, the coin has earlier made an unsuccessful attempt to break the resistance on January 17. The price fell to a low of $320 and resumed the second attempt, which has also failed. Probably, if the bulls pick up strong bullish momentum, the current resistance will give way.
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.