Bitcoin Cash (BCH) Price Analysis: BCH Slumps To $260 Low as Bulls Buy the Dips

Bitcoin Cash (BCH) Price Analysis: BCH Slumps To $260 Low as Bulls Buy the Dips

Key Highlights
BCH targets another high of $303.27
BCH faces rejection at $280 high

Bitcoin Cash (BCH) Current Statistics
The current price: $267.64
Market Capitalization: $4,966,857,562
Trading Volume: $2,743,825,118
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis October 29, 2020
Today, BCH fell to the low at $262 and rebounded. The coin is trading at $267 at the time of writing. On the upside, if buyers continue to sustain the price level above $250, a retest at the $280 overhead resistance is possible. A break above the $280 resistance will propel price to reach a high of $300. The market will resume downward if the bulls fail to sustain a hold above the $250 support. If the price breaks below $250 support, the market will drop to $238 low.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is below the 80% range of the daily stochastic. It indicates that the market is in the overbought region. The 21-day SMA and above 50-day SMA are sloping upward indicating the uptrend.

BCH/USD – Daily Chart

Conclusion
BCH is making an uptrend as it continues to retest the $280 resistance. On October 24 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, BCH will reach a high of $303.27.


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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.