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

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

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

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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.