Bitcoin Cash (BCH) Price Analysis: BCH Struggles to Resume Uptrend, Attempts to Break $280 and $320 Range

Bitcoin Cash (BCH) Price Analysis: BCH Struggles to Resume Uptrend, Attempts to Break $280 and $320 Range

Key Highlights
BCH is consolidating between $280 and $320 after retesting the $300 high
BCH rebounded and resumed a fresh uptrend

Bitcoin Cash (BCH) Current Statistics
The current price: $288.26
Market Capitalization: $5,332,336,309
Trading Volume: $1,057,353,790
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis August 24, 2020
Since on August 20, the price action of Bitcoin Cash has remained the same. Bitcoin Cash is still confined between $280 and $320. Buyers are yet to break the $320 resistance. Neither have sellers the opportunity to break the $280 support level. Therefore the coin will continue its range bound movement between $280 and $320. The only change in the price action is that on August 21, buyers attempted to push BCH above the $300 minor resistance.

The bulls were disappointed as they were repelled. BCH fell to the previous low at the $280 support. Today, the coin rebounded above the $280 and it has risen to $290. Buyers may want to retest the $300 and $320 resistance level. Once the $320 resistance is breached, the price movement will be accelerated. The crypto is expected to rally above $340 resistance.

BCH/USD – Daily Chart


Bitcoin Cash Technical Indicators Reading
BCH is above 25% range of the daily stochastic. That is, the coin is in a bullish momentum. The price is rising and attempting to break above the support line of the ascending channel. A break above the support line will propel price to rise and resume the uptrend.

Conclusion
Bitcoin Cash uptrend is intact. Buyers are expected to push BCH above the resistance levels. The coin is expected to reach a new high of $350 if the bulls have the upper hand. Meanwhile, buyers are making a fresh upward move to break the current resistance.

 

  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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