Bitcoin Cash (BCH) Price Analysis: BCH Slumps to $256 Low, Resumes a Fresh Uptrend

Bitcoin Cash (BCH) Price Analysis: BCH Slumps to $256 Low, Resumes a Fresh Uptrend

Key Highlights
BCH faces rejection at the $360 resistance
BCH slumps to $256 after rejection.

Bitcoin Cash (BCH) Current Statistics
The current price: $269.66
Market Capitalization: $5,011,228,966
Trading Volume: $4,688,887,163
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis November 27, 2020
Today, BCH is trading at $256 after rejection at the $360 overhead resistance. The recent upward move was as a result of the bulls breaching the resistance at $280 r. The breakout propelled the coin to reach the $ 360 high but the uptrend was short-lived. The crypto was repelled because of an overwhelming selling pressure above the recent high. Presently, the bulls have bought the dips as the coin resumes an upward move. Buyers will want to retest the $360 resistance to breaking above it. If buyers are successful, BCH will reach a high of $440.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH has fallen below the 20% range of the daily stochastic. It implies that the coin is in the oversold region of the market. Buyers are likely to emerge to push the coin upward. The price bars are below the SMAs which suggest a downward movement of the coin.

BCH – 4 Hour Chart

Conclusion
The recent breakdown has invalidated the Fibonacci tool analysis. BCH is resuming a fresh uptrend after the recent breakdown. The crypto will rise to retest the $260 and $280price levels. A break above these levels will catapult the coin to reach the $360 high. In the meantime, the coin has risen to $273.53


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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.