Bitcoin Cash (BCH) Price Analysis: BCH Fails to Rebound as Price Continues to Be Range Bound

Bitcoin Cash (BCH) Price Analysis: BCH Fails to Rebound as Price Continues to Be Range Bound

Key Highlights
BCH is range-bound l between $200 and $240
BCH will drop to $178 if the lower price range is breached

Bitcoin Cash (BCH) Current Statistics
The current price: $228.38
Market Capitalization: $4,232,457,899
Trading Volume: $1,322,233,493
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis October 1, 2020
There has been no significant price movement for the past five days. On September 27, BCH was trading above $229 price level. The market has remained at this price level for the past five days. The price level has been relatively stable.

However, buyers will have to push BCH above the $260 high to be out of downward correction. Possibly, the upside momentum will resume as BCH resumes the uptrend. Conversely, if buyers fail to push into the previous highs, the current range-bound movement will persist. Bitcoin Cash is trading at $228.15 at the time of writing.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is in a bullish momentum above the 60% range of the daily stochastic. BCH is not rising because the price bars are yet to break above the EMAs. The price only breaks above the 21-day SMA. Also, the price is attempting to break above the resistance line of the descending channel. BCH will rise if price breaks above the resistance line and closes above it.

BCH/USD – Daily Chart

Conclusion
Presently, BCH is stuck below the $230 price level. It also ranges between $200 and $240. These key levels of the market have not been broken. When price breaks the $200 support level, then the Fibonacci tool analysis is likely to hold. BCH will drop to the 1.272 Fibonacci extension or a low of $178.



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.