Bitcoin Cash (BCH) Price Analysis: BCH Faces Rejection at $230 as Sellers Threaten to Short

Bitcoin Cash (BCH) Price Analysis: BCH Faces Rejection at $230 as Sellers Threaten to Short

Key Highlights
BCH declines to $212 low and resumes consolidation above $215
The crypto risks further depreciation to $198 low

Bitcoin Cash (BCH) Current Statistics
The current price: $225.19 
Market Capitalization: $4,174,792,272
Trading Volume: $1,341,732,056
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis October 8, 2020
Since the last bearish impulse on October 2, price was corrected upward to reach a high of $222. BCH now consolidates between $215 and $222. The recent breakout in the current tight range was subsequently repelled at the $230 resistance. Buyers are again attempting to push price to the previous highs but face resistance at $230 high. The upside momentum Since the last bearish impulse on October 2, price was corrected upward to reach a high of $222. BCH now consolidates between $215 and $222.

The recent breakout in the current tight range was subsequently repelled at the $230 resistance. Buyers are again attempting to push price to the previous highs but face resistance at $230 high. The upside momentum will commence once buyers push will commence once buyers push price above $260 high. On the downside, if the bears break below $212 support, the downtrend will commence.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH price is still below the SMAs as the coin is capable of falling. It is at level 47 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50.

BCH/USD – 4 Hour Chart

Conclusion
From the price action, the downward move is likely to continue as price faces rejection on the upside. On October 2 downtrend, the coin fell to $212 low but price was corrected upward.

The retraced candle body tested the 61.8% Fibonacci retracement level. This implies that the coin will further decline to level 1.618 Fibonacci extension or the $198.62 low.


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.