The sellers have taken a giant stride as the price dropped after a retest at $310. A retest at the zone means that the price fall is continuing. The coin has depreciated to a low of $273 and the bears are contesting the price level with the bulls. If the bulls lose control of price, it is expected that BCH will continue to depreciate and the price will reach the low of $240.It is also anticipated that if the price at $273 holds, the downward move will be interrupted.
Bitcoin Cash Indicator Reading
Bitcoin Cash is retracing to the 26-day EMA. If the 26-day EMA holds, the price will appreciate upwards. On the other hand, the coin will depreciate, if the 12-day EMA and the 26-day EMA are broken. BCH is also below the 50% range of the daily stochastic. This gives the impression that the price is in a bearish momentum.
Key Supply Zones: $320, $360, $400
Key Demand zones: $200, $160, $120
What is the Next Direction for Bitcoin Cash?
The direction of BCH is dependent on the price at $273 or 26-day EMA whether it is holding. The point is that the market will rise if these levels hold. Nevertheless, the only condition for the downward move is when these levels are broken and the bears have free passage to the previous low.
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.