Bitcoin Cash (BCH Price Analysis: BCH Risks Further Decline to $250 if It Loses $280 Support

Bitcoin Cash (BCH Price Analysis: BCH Risks Further Decline to $250 if It Loses $280 Support

Key Highlights
The altcoin is consolidating between $280 and $300
Bitcoin Cash will reach a low of $258 if the selling pressure persists

Bitcoin Cash (BCH) Current Statistics
The current price: $281.57 
Market Capitalization: $5,191,316,193
Trading Volume: $1,354,663,829
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis December 8, 2020
Bitcoin Cash is in a downward move after facing rejection at levels $320 and $300. Besides, it has been consolidating in a tight range between $280 and $300. A breakdown or breakout is likely to occur if the crypto continues with the current consolidation. For example, the price is falling, and a break below the $280 support will compel BCH to fall. However, the sideways move will resume if the support holds. Meanwhile, BCH is trading at $281 at the time of writing.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The coin is below the 25% range of the daily stochastic. It indicates that the coin is in a bearish momentum. It appears the crypto is approaching the oversold region of the market. The price bars are below the SMAs which indicate a further downward movement of the coin.

BCH/USD – 4 Hour Chart

Conclusion
The price is indicating a bearish signal of the coin. Also, the Fibonacci tool has indicated a downward movement of the coin. On December 1 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BCH is likely to fall and reverse at level 1.272 Fibonacci extensions. That is a low of $257.51.



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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.