Bitcoin Cash Range Bound as Buyers and Sellers Reach Equilibrium
Following the September 3 decline to $203 low, Bitcoin Cash has continued to fluctuate between $215 and $240. For the past two weeks, the range-bound levels have remained unbroken.
However, BCH rebounded above $225 support but the current move is insufficient to break the $240 resistance level. The crypto has fallen back to the range-bound zone to resume the sideways move. The crypto will resume uptrend once the $240 resistance is breached.
The coin possible target will be the $260 high. Conversely, if sellers break the $215 support, the market will fall to $200 low. Sellers have been unable to break the $200 support since March. If they do, BCH will slump to $178 low. Meanwhile, the coin is still fluctuating as it trades at $231 at the time writing.
Bitcoin Cash indicator reading
BCH price fails to break above the 12-day EMA as the coin falls to the lower range. The crypto will resume an upward move when price breaks above the EMAs. The coin is in a weak bullish momentum as it is above the 25% range of the daily stochastic.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
What is the next move for Bitcoin Cash?
Bitcoin Cash range-bound levels of $215 and $240 are yet to be broken. The breaking of these levels will determine the direction of the market. If the market resumes uptrend, the $240 resistance will be broken. The Fibonacci analysis will be invalidated. However, if the selling pressure resumes, the market may reach a low of 1.272 Fibonacci extension or $178 low.
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.
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