Bitcoin Cash (BCH) Price Analysis: BCH Holds Firm at $280 Resistance as Bulls Attempt to Breach the Recent High

Bitcoin Cash (BCH) Price Analysis: BCH Holds Firm at $280 Resistance as Bulls Attempt to Breach the Recent High

Key Highlights
BCH faces rejection at $360 and $320 resistance levels
BCH has a target price of $387.92

Bitcoin Cash (BCH) Current Statistics
The current price: $291.35
Market Capitalization: $5,416,143,640 
Trading Volume: $1,937,493,099
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis December 3, 2020
BCH is trading at $290 after rejection from the $360 and $320 uptrend. In the first uptrend, BCH rallied to a $360 high. Simultaneously, the BCH dropped to $255 low. After correcting upward, BCH was repelled at the $320 high. BCH now consolidates above $280 but the $300 high. On the upside, BCH has a target price of $387 if the resistance levels are breached. The downtrend will resume if the $250 support is broken.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The coin is at level 51 of the Relative strength index period 14. It indicates that there is a balance between supply and demand. BCH is above the 40% range of the daily stochastic. It indicates that it is in a bullish momentum.

BCH/USD – 4 Hour Chart

Conclusion
BCH is likely to move up if the current resistance ar breached, On November 30 uptrend, a retraced candle body tested the 50%% Fibonacci retracement level. The retracement indicates that BCH is likely to rise and reach level 2.0 Fibonacci extensions. That is a high of $387.92.



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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.