Bitcoin Cash (BCH) Price Analysis: BCH Plunges to $310, Unable to Sustain Above $360

22 December 2020 | Updated: 22 December 2020

Key Highlights
BCH faces rejection at $360
The altcoin is fluctuating below the $320 resistance level

Bitcoin Cash (BCH) Current Statistics
The current price: $310.45
Market Capitalization: $5,820,628,389
Trading Volume: $7,309,753,117
Major supply zones: $400, $420, $440
Major demand zones: $250, $230, $210

BCH/USD – Daily Chart

Bitcoin Cash (BCH) Price Analysis December 22, 2020
Yesterday, the bulls broke the $320 resistance and retested the $360 overhead resistance. BCH fell back below the $320 support. In the previous price action of November, a retest at the overhead resistance made the coin to plunge to $260 low.

Today, Bitcoin Cash is trading at $316 at the time of writing. Further upward move is likely if buyers push the price above $320 resistance. The bullish momentum will extend to retest the $360 overhead resistance.

BCH/USD – 4 Hour Chart

Bitcoin Cash Technical Indicators Reading
Bitcoin Cash has risen to level 52 of the Relative Strength index period 14. It indicates that the coin is in the uptrend zone. The SMAs are sloping upward indicating the uptrend

Conclusion
According to the Fibonacci tool, BCH is likely to make an upward move. On December 17 uptrend; the retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that BCH is likely to rise and reach the level of 2.0 Fibonacci extensions. That is the altcoin will rise to a high of $381.57.


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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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.