Bitcoin Cash embarks on a fresh new uptrend after the bull run failed to break the resistance at $256 and the $270 level as we are reading further in the Bitcoin Cash news.
Over the past week, BCH rebounded three times to reach the $270 high. The bearish reaction occurred and led the coin to drop suddenly. Right after that, the price corrected upward to the $260 high but the upward move resulted in a price tussle as the bears overwhelmed the bulls. BCH fell to a $232 low to resume the fresh upward move. The market is now going for the $240 level at the time of writing. Bitcoin Cash embarks to retest the $256 level and the $270 price levels but if the price rises and rebounds above $240, this will likely propel the price to break through the resistance levels of the price. The upward movement will be sped up if the price breaks the minor resistance of $244 and the $252.
The BCH uptrend is under threat as the price is going below the 12-day and the 26-day EMAs. The coin is in the bearish trend zone after the failed bull run, while the price action has indicated a strong bullish signal. The market is below the 40% range of the daily stochastic while the bearish momentum has been exhausted as the coin went upward. The key resistance zones are set at $440, $480, and $520 while the key support zones are set at $200, $160, and $120. Bitcoin Cash is recovering from the latest breakdown. The bears broke the support line and closed below it as Bitcoin Cash continues to go in the downtrend and the selling pressure enhances. If the bulls break above the support line, the uptrend will resume.
There was a break above the 50% fib retracement level of the previous $263 high to the $246 low. What is even more important, there was a break above the key contracting triangle with a resistance close to the $255 on the 4-hour charts of the BCH/USD pair. The pair is now trading above the 61% fib retracement from the downward movement of $263 to the $246 low. It seems that Bitcoin Cash will continue even higher above the $260 level, as pe the previous BCH analysis here at DC Forecasts.
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