Bitcoin Cash (BCH) Price Analysis: BCH Is Unable to Rise Into Previous Highs as Sellers Push Coin to $260 Low

Bitcoin Cash (BCH) Price Analysis: BCH Is Unable to Rise Into Previous Highs as Sellers Push Coin to $260 Low

Key Highlights
BCH is falling as the bulls fail to break the $320 resistance
There are indications that the coin will reach a low of $260

Bitcoin Cash (BCH) Current Statistics
The current price: $274.62
Market Capitalization: $5,080,638,415
Trading Volume: $1,122,580,379
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis August 27, 2020
Since August 1, BCH has been range-bound between $280 and $320. The bears have had the upper hand as price broke the crucial $280 support level. The price corrected and retested the $280 price level. Nonetheless, the selling pressure has resumed, BCH is likely to depreciate to the lower levels. The coin is approaching the $260 low.

The crypto is likely to rebound at the low of $260 and resumed the upward move. However, if price breaks the $260 low, the selling pressure will persist. The coin will further depreciate to $240 low. Meanwhile, BCH is trading at $274 at the time of writing. The price action is indicating bearish signals.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The price has broken the 21-day SMA and it is approaching the 50-day SMA. The selling pressure will resume once the 50-day SMA is breached. The downtrend will continue since the support line of the ascending channel has been breached.

BCH/USD – 4 Hour Chart

Conclusion
BCH’s upward move has been interrupted since the bulls fail to break the $320 resistance level. On August 19 downtrend, BCH fell to $285 and the price was corrected upward. A green candle body tested the 61.8% Fibonacci retracement level. This implies that BCH will fall to 1.618 Fibonacci extension level. In other words, the market will reach a low of $260.

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