Bitcoin Cash (BCH) Price Analysis: BCH Struggles Below $250 High, May Reach a New High of $261.50


Key Highlights
BCH trades below $250 resistance
The crypto targets a new high of $261.50

Bitcoin Cash (BCH) Current Statistics

The current price: $248.20

Market Capitalization: $4,603,906,200

Trading Volume: $1,547,235,574

Major supply zones: $325, , $350,$375

Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis October 19, 2020
Since BCH fell to the support at $241, the upward move has been restricted below the $250 resistance. Yesterday, Buyers have not been able to push BCH price above the $250 resistance.  The crypto will commence a fresh uptrend if buyers are successful above the $250 resistance. 

The $250 support has been the price level for the resumption of upside momentum. The selling pressure may resume if the coin turns down from the current resistance. However, the coin has fallen after failing to breach the $250 resistance. Today, BCH is trading at $246 at the time of writing. Nevertheless, if the selling pressure persists, the coin will drop to $238 low.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH price is now below the 80% range of the daily stochastic. It is in a bearish momentum. As price breaks above the SMAs and the resistance line of the descending channel, the upward move ought to continue. Nevertheless, the coin retraced to $241 and consolidated above it. The uptrend will resume if the current support holds.

BCH/USD – 3 Hour Chart

The crypto has resumed a fresh uptrend after retracing to $245 low. On October 18 uptrend; the coin was resisted at the $250 high. The retraced candle body tested the 50% Fibonacci retracement level. This indicates that the coin is likely to make an upward move to level 2.0 Fibonacci extension when the current resistance is breached. In other words, the coin will reach a high of $261.50.

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.