Bitcoin Cash (BCH) Price Analysis: BCH Recovers Above$280 as Sellers Threaten to Short

Bitcoin Cash (BCH) Price Analysis: BCH Recovers Above$280 as Sellers Threaten to Short

Key Highlights
BCH is consolidating between $280 and $320 after retesting the $320 high
BCH will resume uptrend if price breaks $320 resistance

Bitcoin Cash (BCH) Current Statistics
The current price: $407.06
Market Capitalization: $45,694,070,450
Trading Volume: $11,987,531,680
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis August 20, 2020
Bitcoin Cash has fallen to $280 low and resumed upward move to the previous highs. BCH has been trading between $280 and $320 since August 1. The coin is in a sideways trend as buyers fail to breach the $320 resistance. Buyers have made two attempts to push price to the previous highs but were repelled. Each time the coin faces rejection, BCH will fall to $280 support.

Sellers have not penetrated below the $280 support in August. They have also failed to break into the previous highs. Therefore, the crypto has remained in a range-bound movement pending when these key levels are broken. On the upside, BCH will have price acceleration once $320 resistance is broken. The price is expected to rally above $340 high.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
Presently, the crypto has fallen to level 51 of the daily Relative Strength Index Period 14. The coin is in an uptrend and may likely rise. The price has broken the support line of the ascending channel. BCH may further depreciate.

BCH/USD – Daily Chart

Conclusion
From the price action, BCH reached the $320 high and resumed consolidation below the resistance. From the Fibonacci tool, the retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that price will reach level 1.272 Fibonacci or $350 and reverse to 78.6% retracement ($300) where it originated. However, the price action has reversed after testing the $320.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results




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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.