Bitcoin Cash (BCH) Price Analysis: BCH Fluctuates Between $256 and $263, Breakout Imminent


Key Highlights
BCH is now in a tight range between $256 and $263
The downtrend will resume if the price breaks below $250 support and the momentum is sustained

Bitcoin Cash (BCH) Current Statistics
The current price: $258.25
Market Capitalization: $4,795,787,201
Trading Volume: $1,655,805,290
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis November 12, 2020
Since November 10, BCH has been consolidating above $256 support. The altcoin fluctuates in a tight range between $256 and $263. Today, the bears break the lower price range but fail to sustain the downtrend. The price pulled back to the range-bound zone but retested the upper price range. BCH is trading at $258 at the time of writing in the current price range.

Bitcoin will resume trending when the price range is broken. On the downside, if the bears break below the $256 support and the momentum is sustained, BCH will drop to the $233 low. Similarly, if the bulls break the $263 high, BCH will retest the $280 overhead resistance. Alternatively, a strong bounce above $260 and the momentum is sustained will propel price to rally above the $280 resistance.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The altcoin is above the 50% range of the daily stochastic. It indicates that the crypto is in the bullish momentum. However, the stochastic bands are sloping horizontally indicating the sideways movement of the coin. The 21-day SMA and 50-day SMA are sloping northward indicating the uptrend.

BCH/USD – 4 Hour Chart

For the past week, buyers have faced rejection twice at the $280 resistance level. On November 7 uptrend the retraced candle body tested the 38.2% Fibonacci retracement level. This indicates that the market will reach level 2.618 Fibonacci extension level. That is BCH will rise to $351.74 high.

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Azeez Mustapha

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.