Bitcoin Cash (BCH) Price Analysis: BCH Rebounds and Breaks $280 Overhead Resistance

Bitcoin Cash (BCH) Price Analysis: BCH Rebounds and Breaks $280 Overhead Resistance

Key Highlights
BCH breaks the $280 overhead resistance
The altcoin targets the high of $340

Bitcoin Cash (BCH) Current Statistics
The current price: $315.68
Market Capitalization: $5,865,547,387
Trading Volume: $5,189,677,837
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis November 23, 2020

On November 20, BCH rebounded twice above $246 to breach the $280 overhead resistance. The bullish momentum extended to retest the $320 high. Presently, the coin is fluctuating below the $320 resistance. The bulls could not penetrate the recent high.

On the upside, if buyers push BCH above $320, the crypto will rally above $340 and the coin will be out of the bear market. The crypto will continue the sideways move below the recent high if buyers fail to break the resistance at $320.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH price has broken the resistance line of the ascending channel. It indicates that there is a change in trend. The coin is at level 69 of the Relative Strength index period 14. It is approaching the overbought region of the market.



Conclusion
BCH has rebounded as the bulls break the $280 overhead resistance. This made the coin to have price acceleration on the upside. The recent price action has overtaken the Fibonacci tool analysis. On October 24 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement gives the impression that the market will rise to level 1.618 Fibonacci retracement level or $304.68 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.