Bitcoin Cash (BCH) Price Analysis:BCH Faces Rejection at $280,a Retest at the Overhead Resistance Likely

Bitcoin Cash (BCH) Price Analysis:BCH Faces Rejection at $280,a Retest at the Overhead Resistance Likely

Key Highlights
BCH is in a downward move, may reach the low $265
The uptrend is likely to resume

Bitcoin Cash (BCH) Current Statistics
The current price: $261.90
Market Capitalization: $4,859,529,239
Trading Volume: $2,424,325,376
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis August 26, 2020
For the past 24 hours, BCH has been on a downward move after failing to break the $280 overhead resistance. A break above the overhead resistance would have catapulted the coin to rally to $300 or $320 high. Presently, the crypto is falling after the rejection from the recent high. If price retraces and finds support above $250, the upside momentum will resume. However, if the bears break below $250 support the coin will resume a downward move. The coin is trading at $262 at the time of writing.

BCH/USD – Daily Chary

Bitcoin Cash Technical Indicators Reading
The crypto is below the 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum. Sellers are emerging to push prices down. The coin was earlier in the overbought region of the market.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash is on a downward move after the coin was resisted at the $280 overhead resistance. On the current downward move, a retraced candle body on October 25, tested the 78.6% Fibonacci retracement level. This retracement indicated that the selling pressure will be exhausted at level 1.272 Fibonacci extension or the low of $265.81. Later the market will reverse.


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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.