Bitcoin Cash (BCH) Price Analysis: Consolidates Above $250 Support, May Retest the $280 Resistance

Bitcoin Cash (BCH) Price Analysis: Consolidates Above $250 Support, May Retest the $280 Resistance

Key Highlights
BCH is range-bound between levels $250 and $280
BCH trades in the bullish trend zone

Bitcoin Cash (BCH) Current Statistics
The current price: $258.44 
Market Capitalization: $4,796,932,301
Trading Volume: $2,372,198,185
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis November 02, 2020
In a nutshell, BCH is range bound between $250 and $280. Since October 22, buyers have been making efforts to break the $280 resistance. The breaking of the resistance will increase the chances of an upward movement of the coin.

The coin will rise and reach the $320 high. The price is fluctuating within the current price range as bulls continue to retest the resistance at $280. Today, BCH is trading at $261 at the time of writing. On the downside, if the bears break the $250 support level, the downtrend will resume. Otherwise, the current range-bound movement will continue.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The coin is at level 53 of the Relative Strength Index period 14. The coin is in the uptrend zone and above the centerline 50. The price bars are consolidating above the SMAs which indicates a further upward movement of the coin.

BCH/USD – Daily Chart

Conclusion
BCH has a chance of further upward move if the resistance at $280 is breached. Following the retesting of the retraced candle body at 50% Fibonacci retracement level, BCH bulls have attempted to break the current resistance. The retraced candle indicates that BCH is likely to rise to the 2.0 extension level. In other words, BCH will reach a high of $323.10.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.