Bitcoin Cash (BCH) Price Analysis: BCH Rebounds After Reaching the $242 Low

Bitcoin Cash (BCH) Price Analysis: BCH Rebounds After Reaching the $242 Low

Key Highlights
BCH slumps to $242 low
The crypto fluctuates between $240 and $260

Bitcoin Cash (BCH) Current Statistics
The current price: $251.32
Market Capitalization: $4,668,038,972
Trading Volume: $2,545,039,402
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis November 16, 2020
Bitcoin Cash is in a sideways move below the $280 overhead resistance. Since October 12, the price has been fluctuating between $240 and $280.

Yesterday, BCH dropped to a $242 low and resumed an upward move. BCH is trading at $251 support at the time of writing. On the upside, if the current support holds, the upside momentum will resume. The bulls will retest the $280 overhead resistance. On the downside, if the current support fails to hold, BCH will fall to the $216 low.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH price has broken below the SMAs which suggests a downward movement of the coin. The price is also testing the support line of the ascending channel. A break below the support line will mean a downward movement of the coin. The SMAs are sloping northward indicating the uptrend.

BCH/USD – Daily Chart

Conclusion
BCH is in a sideways trend below the $280 overhead resistance. On October 24 uptrend. A retraced candle tested the 61.8% Fibonacci retracement. The retracement indicates that the market will reach the level 1.618 Fibonacci extension level. That is BCH will rise to $310.51 high.



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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.