Bitcoin Cash (BCH) Price Analysis: BCH Resumes Uptrend, Struggles to Jump Over $280 Hurdle

Key Highlights
BCH rebounds above the $260 low but faces rejection at $280 high
The coin will reach a target price of $366 if the $366 resistance is breached
Bitcoin Cash (BCH) Current Statistics
The current price: $278.20
Market Capitalization: $5,147,952,181
Trading Volume: $1,140,152,311
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis August 31, 2020
On August 25, the bears broke the $280 support to $270 low. After a retest at the $280 high, it dropped to  $260 low. The bulls are making frantic efforts to push the coin to the previous highs. Today, BCH is trading at $278 at the time of writing. The crypto is facing rejection at the $280 high as buyers attempt to push the coin to the previous highs. The coin will achieve price acceleration if the bulls push the coin above $280 resistance or the EMAs. BCH will rise and retest the $320 resistance. Conversely, if the bears break below the current support, the coin will fall to $240 low.

Bitcoin Cash Technical Indicators Reading
BCH has risen to level 48 of the Relative Strength Index period 14. The coin is in the downtrend zone and below the centerline 50. The price is attempting to break above the 21-day SMA. If it breaks above the SMAs, the crypto will resume an upward move. At the moment, BCH is struggling to break into the  previous highs.

Conclusion
BCH is recovering above $260 support but faces rejection at the $280 high. On August 1 uptrend, BCH was resisted at $320, and the coin retraced to the previous low. A retraced candle body tested the 61.8% Fibonacci retracement level. This implies that the $320 resistance is likely to be broken and the coin will rise to 1.618 Fibonacci extension level. In other words, the crypto will reach a high of $366.



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