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

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RESULTS

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.

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.

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.