The BCH/USD pair holds at $200 support as the market moves up. The pair may face resistance at the $225 price level.
Bitcoin Cash price Long-term Analysis: Bullish
Unlike other crypto currencies, Bitcoin Cash’s critical support was not breached despite the rampaging bears. The BCH has taken a giant stride towards the upper price levels. The coin moves up but it is being resisted at the $ 225. This present price level was the same in September and October where BCH consolidated before an upward move. However, if the bulls jump over the current price level, the BCH will rise to $240. The coin may continue to fluctuate if the current level remains intact. Nevertheless, if the bulls are repeatedly repelled the coin will depreciate further.
Bitcoin Cash Indicator Reading
The coin fell and tested the downtrend line and the price move up. BCH is also rising but faces resistance at the 12-day EMA. It is expected that the price has to break above the EMAs for it to rise; otherwise, the price will slide down.
Key Supply Zones: $320, $360, $400
Key Demand zones: $200, $160, $120
What is the Next Direction for Bitcoin Cash?
After a successful defense at the support at $200, the bulls are struggling to break the initial resistance at $225. It is assumed that traders ought to have initiated a buy order at a $200 price level since the support is holding. A stop-loss order should be placed below $190.
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.