Bitcoin Cash (BCH) Price Analysis: BCH Loses Critical Support at $280, a Drop to $240 Likely

Bitcoin Cash (BCH) Price Analysis: BCH Loses Critical Support at $280, a Drop to $240 Likely


Key Highlights
The bears broke the current price range between $280 and $300 as BCH declines
Bitcoin Cash is likely to drop to level $240

Bitcoin Cash (BCH) Current Statistics
The current price: $267.64
Market Capitalization: $4,971,538,250 
Trading Volume: $1,613,466,396
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis December 10, 2020
Bitcoin Cash has continued its gradual fall after breaking out of the current consolidation. The coin was earlier consolidating between $280 and $300. On December 8, the bears broke the lower price range to resume the downward move. The crypto has fallen to a low of $256.60 and corrected upward. The $256.50 support was the previous low of November 27. Nonetheless, if the current support is broken, the downward move will resume.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The altcoin is at level 45 of the Relative Strength index period 14. It indicates that the coin is in the downtrend zone. The price has broken below the SMAs and the support line of the ascending channel. There is the likelihood of a downward movement of prices.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash is likely to further decline if the $256 support is breached. On December 1 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to fall and reach the level of 1.618 Fibonacci extensions. That is a low of $240.52.


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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.