Bitcoin Cash (BCH) Price Analysis: BCH Resumes Bullish Momentum, Targets $262 High

Bitcoin Cash (BCH) Price Analysis: BCH Resumes Bullish Momentum, Targets $262 High

Key Highlights
BCH rebounds to reach the high of $236
The crypto will rise and reach a target price of $262

Bitcoin Cash (BCH) Current Statistics
The current price: $374.33
Market Capitalization: $42,286,793,421
Trading Volume: $12,239,205,708
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis October 12, 2020
October 8, BCH rebounded above $222 support as the coin reached a high of $236. The coin was earlier in a tight range between $215 and $222. The range has been broken with the recent breakout. The coin has continued to make impressive moves as it breaks above the 50-day SMA.

On the upside, the bulls have continued with the bullish momentum and are attempting to break above the $250 high. This will accelerate price movement to previous highs. In other words, BCH will rise to a high of $280. Conversely, if the bulls fail to break above the $250 high, the market will fall to a sideways move for a few more days. Today, Bitcoin Cash is trading at $239 at the time of writing.

BCU/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH resumes bullish momentum as it breaks above the 21-day and the 50-day SMA. The coin is above 70% range of the daily stochastic. It is in a bullish momentum but will soon reach the overbought region. BCH may fall in the overbought region.

BCH/USD – Daily Chart

Conclusion
Today BCH is making a fresh uptrend to the previous highs. In the last uptrend of September 27, the coin was resisted. The retraced red candle body tested the 50% Fibonacci retracement level. With this retracement, the coin will rise and reach the 2.0 Fibonacci extension level. In other words, BCH will reach a high of $263.98.


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.