Bitcoin Cash Range Bound as Buyers and Sellers Reach Equilibrium - OhNo "WTF" Crypto

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Bitcoin Cash Range Bound as Buyers and Sellers Reach Equilibrium


Sep 16, 2020 at 11:08 //

Bitcoin Cash has fallen back to the range-bound zone

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.

OhNoCryptocurrency via By Coin Idol, @Khareem Sudlow