Bitcoin Cash (BCH) Price Analysis: BCH Is in a Downward Correction, Faces Rejection at $247

Bitcoin Cash (BCH) Price Analysis: BCH Is in a Downward Correction, Faces Rejection at $247

Key Highlights
BCH is currently fluctuating between levels $231 and $247
The crypto is likely to move up

Bitcoin Cash (BCH) Current Statistics
The current price: $414.80
Market Capitalization: $46,997,347,819
Trading Volume: $16,469,560,873
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis November 05, 2020
Bitcoin Cash fell to the low at $231 on November 3 after the rejection at the $271 high. The bulls buy the dips at the recent low to push prices upward.

However, the upward move is facing resistance at $245 and $247. In other words, BCH is in a range bound move between $231 and $247. The coin will rise if the $247 resistance is breached. In the same vein, the coin will further decline if the current support is broken. BCH is trading at $243.72 at the time of writing.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The price has broken below the SMAs which suggest a possible downward move of the coin.BCH is below the 30% range of the daily stochastic. It indicates that the coin is in a bearish momentum.

BCH/USD -Daily Chart

Conclusion
BCH will further decline if the price retraces to break the previous low at $233. On October 26 downtrend; the retraced candle body tested the 50% Fibonacci retracement level. This indicates BCH may rise to level 2.0 Fibonacci extensions. That is the high of $222.90



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 result

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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.