Bitcoin Cash (BCH) Price Analysis: BCH Rebounds, Breaches the Resistance at $265

Bitcoin Cash (BCH) Price Analysis: BCH Rebounds, Breaches the Resistance at $265

Key Highlights
BCH regains the critical support at $250 high
The coin has a targeted price of $306.52

Bitcoin Cash (BCH) Current Statistics
The current price: $271.38
Market Capitalization: $5,034,581,664
Trading Volume: $3,346,777,371
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis October 22, 2020
For the past week, BCH was in a downward move as the coin was resisted at the $265 high. The bears broke the critical support zone of $250 as price dropped to a $238 low. Yesterday, the bulls buy the dips as the price was corrected upward.

BCH rebounded twice at the recent low to regain bullish momentum. Today, BCH has recovered above the $250 critical support level where the upside momentum resumes. Besides, the bulls are attempting to break the resistance at $265. On the upside, if buyers break the current resistance and the momentum is sustained, the coin will rise to $280 and 300 high.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The moving averages have a bullish crossover as the 21-day crosses above 50-day SMA. This indicates a buy signal for traders. The coin is in a bullish momentum as price is above the 60% range of the daily stochastic. The SMAs are sloping upward indicating the uptrend.

BCH/USD – Daily Chart

Conclusion
BCH upward move is certain as price breaks the $265 resistance level. On October 15 uptrend, BCH was resisted. The retraced candle body tested the 61.8% Fibonacci retracement level. With this retracement, BCH is likely to rise to the 1.618 extension level. In other words, a high of $305.52.



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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.