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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.
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.
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.
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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