Bitcoin Cash (BCH) Price Analysis: BCH Faces Rejection at $380 Overhead Resistance, Consolidates Above $340

Bitcoin Cash (BCH) Price Analysis: BCH Faces Rejection at $380 Overhead Resistance, Consolidates Above $340

Key Highlights
BCH upward move faces another rejection at $380
The altcoin falls to $340 and resumes consolidation between $320 and $360

 Bitcoin Cash (BCH) Current Statistics
The current price: $352.23
Market Capitalization: $7,392,791,728
Trading Volume: $4,712,115,752
Major supply zones: $400, $420, $440
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis December 30, 2020
On December 28, BCH retested the $380 overhead resistance and was resisted. The crypto fell to $340 low and resumed consolidation. In the previous price action, BCH plunged to $68 after testing the $380 overhead resistance on December 20. In the meantime, BCH has fallen to $340 low. The crypto is now consolidating between $340 and $360. A strong rebound above the $340 low will break the $360 and $380 resistance levels. A break above the $380 resistance will accelerate price movement on the upside.

BCH/USD – 4 Hour Chart

Bitcoin Cash Technical Indicators Reading
Bitcoin Cash has fallen to level 53 of the Relative Strength index period 14. It indicates that the coin is in the uptrend zone. The price has broken below the 21-day SMA. A break below the SMAs will suggest a downward movement of the coin.

BCH/USD – 4 Hour Chart

Conclusion
An upward move is likely if the $380 overhead resistance is breached. On December 27 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to rise and reach level 1.618 Fibonacci extension. That is the coin will rise to a high of $404.14.


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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.