Bitcoin Cash Struggles to Sustain Above $240 High, May Soon Reach Overbought Region at $250 - OhNo "WTF" Crypto

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Bitcoin Cash Struggles to Sustain Above $240 High, May Soon Reach Overbought Region at $250


Jul 08, 2020 at 11:43 //

Bitcoin Cash has been consolidating above the $220 support

Bitcoin Cash has made a surprise move in the last 48 hours to reach the $245 high. For the past week, sellers have pushed the coin to a low of $205. The bulls responded immediately and corrected upward above $220.

For about a week BCH has been consolidating above the $220 support to break into the previous highs. Eventually, BCH rebounded above $220 to reach a high of $245. The price made a pullback.

In the meantime, the bulls are struggling above the $240 resistance to push price to the previous high. The current uptrend can be sustained if BCH finds support above $240 and rebounds. A second rebound will propel price to break the $260 resistance and the momentum will extend to retest the $281 overhead resistance. At the time of writing, the bulls and bears are struggling above the $240 price level.

Bitcoin Cash indicator reading 

BCH upward move is likely as the price breaks the 12-day EMA and the 26-day EMA. The coin is likely to rise as it is in the bullish trend zone. The crypto is also in a bullish momentum as it is above the 70 % range of the daily stochastic. However, the market is approaching the overbought region. In the overbought region, BCH may resume a downward move.


Key Resistance Zones: $440, $480, $520

Key Support Zones: $200, $160, $120

What is the next move for Bitcoin Cash?

The recent rebound has indicated that the downtrend is over. The bulls have to jump over the hurdles at $260 and $270 before overcoming the overhead resistance at $281. BCH is still fluctuating above the $240 resistance. It will rise if the current momentum is sustained above $240 price level.

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 By Coin Idol, @Khareem Sudlow