Bitcoin Cash Faces Stiff Resistance, Sellers Threaten to Short Further - OhNo "WTF" Crypto

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Bitcoin Cash Faces Stiff Resistance, Sellers Threaten to Short Further

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Dec 25, 2019 at 12:25 //

Bitcoin Cash is fluctuating over $187 after testing the $200 supply zone

Currently, BCH is fluctuating over $187 after testing the $200 supply zone. Previously, BCH had traded in the previous price range before its eventual breakdown. Two days ago, the bulls were unsuccessful at breaking the $200 resistance. The coin was resisted and it retraced to the $187 low.

This portends a negative signal as the bears may take undue advantage to sink the coin to $170 low. Ordinarily, if the upward move is sustained, the bulls would have broken the $200 and attain the $227. The bulls’ failure may cause further depreciation to BCH. Hopefully, strong defense by buyers will keep the bears away from reaching the $170 low. In other words, a sideways move is expected.

Bitcoin Cash Indicator Reading 

The bulls successfully defended the $170 low and moved up to the $187 on December 17. The RSI also jumped up to level 38. This means that the price is reaching the range-bound zone. BCH possibly will rise over the $200 if the bulls break and the price closed above the support. The coin's inability to rise is because of a lack of buyers at the lower levels.


Key Supply Zones: $320, $360, $400

Key Demand Zones: $200, $160, $120  

What is the Next Move for Bitcoin Cash?

Bitcoin Cash fell to the $187 low and resumed consolidation. Consolidation is a period of indecision where operators pause to know the next line of action. The bears may have an added advantage to slide beneath the current level. Possibly, a revisit of the $170 is very glaring. Traders have to adjust their parameters if the coin decides to fall.

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.

OhNoCryptocurrency via By Coin Idol, @Khareem Sudlow