Bitcoin Cash Is Range-Bound, Consolidates in the Middle of Price Range
Bitcoin Cash has rebounded twice above the $220 support to move up after the recent breakdown. In the first rebound, the price reached a high of $228.
Sellers emerged to push prices down. In the second rebound, the coin rebounded as the market reached a high of $232. The coin also faces rejection at the recent high.
The crypto lacks buyers at a higher price level. Each time the bulls buy dips, the price dries up at higher levels. Presently, the coin is trading at $229 after facing rejection at a high of $232. In the meantime, BCH is range-bound between levels of $210 and $260. An uptrend is possible if the price breaks the upper price range and closes above it. In the current range, a strong bound above $220 will propel price to push the coin out of the range.
Bitcoin Cash indicator reading
The 12-day EMA and the 26-day EMA are sloping horizontally indicating the range-bound movement. BCH is at level 48 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone.
Key Resistance Zones: $440, $480, $520
Key Support Zones: $200, $160, $120
What is the next move for Bitcoin Cash?
Bitcoin Cash has been range-bound in the last four months. The price has been consistently fluctuating between levels of $210 and $260. The coin consolidates in the middle structures of price range. The upper and lower price ranges have not been broken since March.
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
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