Bitcoin Cash is in an upward move as it reaches the high of $426 at the time of writing.
The upward move commenced at the low of $371. The altcoin has a chance of resuming a fresh uptrend if buyers can push BCH above $440 high. However, if the bulls fail to sustain above the $440 high, it is likely to retrace or fall to the previous low and then resume an upward move. In a similar price action on January 4, the buyers pushed the coin to $467 but retraced to $378 low before embarking on a fresh uptrend. Eventually, the uptrend reached a high of $632 on January 10. Meanwhile, the bulls are still struggling to push on the upside.
Bitcoin Cash indicator reading
BCH has fallen into the oversold region of the market. It is above the 15% range of the daily stochastic. It indicates that the coin is in a bullish momentum. Besides, buyers are likely to emerge in the oversold region.
Key Resistance Zones: $560, $580, $600
Key Support Zones: $240, $220,$200
What is the next move for Bitcoin Cash?
BCH has regained bullish momentum and it may probably rise. On January 29 uptrend; the retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 1.272 Fibonacci extensions. In other words, BCH will rise to a high of $439.02 and reverse.
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.