Bitcoin Cash (BCH) Price Analysis: BCH Finds Support at $242, Resumes Consolidation Between $240 and $280

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


Key Highlights
BCH finds support at $242 low
The crypto will drop to $228 if the support at $242 breaks

Bitcoin Cash (BCH) Current Statistics
The current price: $247.56
Market Capitalization: $4,614,863,201
Trading Volume: $1,783,234,730
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis November 19, 2020
Since November 8, BCH has been falling consistently. The crypto is falling as a result of bulls’ failure to break the $280 resistance level. Yesterday, the coin fell to as low as $243 and resumed upward. BCH is trading at $248 at the time of writing.

The crypto is likely to further decline as it is in the bearish trend zone. It is also below the critical support at $250. On the upside, if the current price level holds, and the price breaks above the $250 support, the upside momentum will resume. Otherwise, the downtrend will continue. The crypto will decline to $233.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The price bars are testing the support level of the ascending channel. BCH will resume the downward move if the price breaks below the support level. The crypto is at level 45 of the Relative Strength index period 14. It indicates that the coin is in the downtrend zone and below the centerline.

BCH/USD – 4 Hour Chart

Conclusion
BCH is still struggling in a downward correction. The current support at $242 has been holding since November 15. Nonetheless, on November 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that BCH will fall to 1.618 Fibonacci extensions or $228.97 low.


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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

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.

Leave a Reply

Your email address will not be published. Required fields are marked *