Bitcoin Cash (BCH) Price Analysis: BCH Battles the Resistance at $280, May Resume Uptrending

Bitcoin Cash (BCH) Price Analysis: BCH Battles the Resistance at $280, May Resume Uptrending

Key Highlights
Bitcoin Cash faces strong rejection at $280 resistance
BCH has a target price of $300.30

Bitcoin Cash (BCH) Current Statistics
The current price: $265.24
Market Capitalization: $4,924,877,755
Trading Volume: $1,997,187,783
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis November 09, 2020
Bitcoin Cash has been trading consistently above the $250 support. Yesterday, buyers fail to push BCH above the $280 resistance. This has been the market scenario. A similar attempt was made on November 2 as the coin faced rejection at the $271 high. The coin plunged to a $233 low. Later, the price was corrected upward to $245.

The bullish momentum extended above the critical support at $250. On the upside, if the coin makes a strong bounce above the current support, a rally above $280 is likely. Nevertheless, if the bulls fail to break this resistance, the coin will return to its sideways move. That is the crypto will resume sideways move between $250 and $280.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping northward indicating the uptrend.

BCH/USD – Daily Chart

Conclusion
Bitcoin Cash will make a further upward move if the $280 resist6ance is broken. On October 15 uptrend the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will reach the level 1.618 Fibonacci extension level.



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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.