Bitcoin Cash (BCH) Price Analysis: BCH Rebounds To Resume a Fresh Uptrend, Battles Resistance at $320

Azeez Mustapha
18 December 2020 | Updated: 18 December 2020

Key Highlights
BCH rebounds after falling to $260 low
The altcoin is facing rejection at level $330

Bitcoin Cash (BCH) Current Statistics
The current price: $314.53
Market Capitalization: $5,850,612,534
Trading Volume: $5,051,022,297
Major supply zones: $380, $400, $420
Major demand zones: $200, $180, $160

Bitcoin Cash (BCH) Price Analysis December 17, 2020
On December 11, BCH plunged to $260 low as bulls bought the dips. The coin rebounded and rallied to $330 high. The bulls could not continue the uptrend because of the resistance at $320. After retesting the resistance twice, the coin fell and resumed sideways move. BCH is trading at $313.19 at the time of writing. The coin has fallen above the previous range bound zone. If the bulls can push above $320 resistance, a retest of the $360 overhead resistance is likely.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
Bitcoin Cash has risen to level 60 of the Relative Strength index period 14. It indicates that the coin is in the uptrend zone. The altcoin rallied and tested the resistance line of the ascending channel but was repelled. A break above the resistance line will mean the resumption of the uptrend.

BCH/USD – 4 Hour Chart

Conclusion
With the recent rally, the Fibonacci tool has indicated an upward movement of the coin. On December 17 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to rise and reach the level of 1.618 Fibonacci extensions. That is the altcoin will rise to a high of $362.67.


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Azeez Mustapha

Azeez Mustapha

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.