Bitcoin Cash (BCH) Price Analysis: BCH May Break Above $240 High as Price Approaches the Upper Price Range

Bitcoin Cash (BCH) Price Analysis: BCH May Break Above $240 High as Price Approaches the Upper Price Range

Key Highlights
BCH is range-bound l between $200 and $240
BCH will drop to $180 if the lower price range is breached

Bitcoin Cash (BCH) Current Statistics
The current price: $230.53 
Market Capitalization: $4,271,625,399
Trading Volume: $1,617,578,030
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis September 28, 2020
Bitcoin Cash is trading at $228 at the time of writing. This indicates that BCH is still range bound between $200 and $240. The coin will escape the range-bound zone when the key levels are broken. The upside momentum for BCH will resume if buyers push price above $260 high. A possible breakout at $240 will propel price to reach the $260 high.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH will rise if price completely breaks above the EMAs. The bulls have only broken above the 12-day EMA and price is falling as a result of rejection. The coin is at level 47 of the Relative Strength Index period 14. It indicates that price is in the downtrend zone and below the centerline 50.

BCH/USD – Daily Chart

Conclusion
Since the coin is in a range-bound movement the direction is unknown. However, if price breaks the lower price range, the Fibonacci tool analysis is likely to hold. That is the green retraced candle body tested the 78.6% Fibonacci retracement level, BCH will fall at the 1.272 extension or $180 low.


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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.