Bitcoin Cash (BCH) Price Analysis: BCH Surges Ahead, Attempts to Reach $280 Price Level

Bitcoin Cash (BCH) Price Analysis: BCH Surges Ahead, Attempts to Reach $280 Price Level

Key Highlights
BCH reaches a new high of $265
A rally to $300 high is likely

Bitcoin Cash (BCH) Current Statistics
The current price: $262.76
Market Capitalization: $4,872,969,483
Trading Volume: $2,616,481,054
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis October 15, 2020
Since October 13, Bitcoin Cash has been making a series of higher highs and higher lows. In the last 24 hours, buyers have been making attempts to break the $260 high. The coin will further rise to $300 high if the current resistance is breached.

Today, the crypto is trading at $262 at the time of writing. Conversely, if buyers fail to push BCH above $260, the coin is likely to decline to the previous lows. Perhaps, sellers will want to break the support at $230. This will further push the crypto to the previous low of $215.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is likely to continue to rise as price breaks the resistance line of the descending channel. The price is also above the SMAs which suggests an upward movement of the coin. The coin is above the 80% range of the daily stochastic. It indicates that the coin is still in the overbought region of the market.

BCH/USD – Daily Chart

Conclusion
Bitcoin Cash has been making impressive moves as it reaches the Fibonacci level of 2.0 Fibonacci extension. This is equivalent to $265.39 high. On September 29 uptrend, the coin was resisted at $230 high. The retraced candle body tested the 50% Fibonacci retracement level. This retracement gives birth to 2.0 Fibonacci extension.



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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.