Bitcoin Cash (BCH) Price Analysis: Consolidates Above $215 Support as Price Approaches the Critical Support at $200

Bitcoin Cash (BCH) Price Analysis: Consolidates Above $215 Support as Price Approaches the Critical Support at $200

Key Highlights
BCH is likely to drop to $197.08
BCH is currently consolidating above $215

Bitcoin Cash (BCH) Current Statistics
The current price: $220.67
Market Capitalization: $4,090,436,535
Trading Volume: $1,269,709,387
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis October 5, 2020
On October 2 breakdown, BCH fell from the high of $223 to the low of $212. The price was corrected upward to $222 and resumed consolidation above $215 support. Presently, the price is consolidating in a tight range.

To resume the upward move, price must break above the $225 price level. On the downside, the selling pressure will resume if the price break below the $212 low, this will catapult price to reach the critical support level. However, if the current support holds the market will move up. Meanwhile, the coin is trading ar $220 at the time of writing.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is at level 43 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50. The EMAs are sloping southward indicating the downward move.

BCH/USD – 4 Hour Chart

Conclusion
The downward movement is gradually approaching the critical support at $200. The downtrend will continue if the price breaks the $200 support. That is, on October 2 downtrend, the retraced candle body tested the 50% Fibonacci retracement level. This implies that will fall and reach the 2.0 Fibonacci extension level or b$197.08.


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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.