Bitcoin Cash (BCH) Price Analysis: BCH Holds Above $250 Support, Upward Move Likely

Bitcoin Cash (BCH) Price Analysis: BCH Holds Above $250 Support, Upward Move Likely

Key Highlights
BCH recovers and holds above $250 support
Buyers attempt to reclaim the $280 support to resume upside range momentum

Bitcoin Cash (BCH) Current Statistics
The current price: $275.78
Market Capitalization: $5,139,770,144
Trading Volume: $1,573,929,595
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis December 14, 2020
Bitcoin Cash has recovered from its downward move as the $250 support holds. The bears were earlier aggressive while attempting to break the previous range bound of $280 and $300. BCH has recovered and risen to $277 high. BCH will have a chance of rallying above $300 if buyers can push BCH above $280. The coin will also retest the $320 resistance level, However, if buyers fail to push into the previous high, the coin will be range-bound below the resistance.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
Bitcoin Cash 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 above the 50- SMA and approaching the 21-day SMA. A break above the SMAs will facilitate the upward move.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash has recovered above the $250 support. However, if the $250 support cracks, the Fibonacci tool analysis will hold. 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 a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.