Bitcoin Cash (BCH) Price Analysis: Recovers Above $280 Support, a Target of $380 Likely

Bitcoin Cash (BCH) Price Analysis: Recovers Above $280 Support, a Target of $380 Likely


Key Highlights
BCH recovers and remains stable above $280
The crypto will reach a possible target of $380

Bitcoin Cash (BCH) Current Statistics
The current price: $287.29
Market Capitalization: $5,311,463,732
Trading Volume: $1,729,223,814
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis August 13, 2020
Recently, BCH faces rejection at $320 resistance while trying to break above it. There was a bearish reaction as the market dropped to $269 after breaking below $280 support . Today, BCH has recovered above $280. In the last 24 hours, the price movement has been stable. Besides, price has fallen into the previous range bound zone of $280 and $320. When uptrend resumes, price will retest the $320 resistance to break it. The market will reach a high of $380 if the bulls are successful. Otherwise, the range-bound movement will continue below the resistance.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The coin is at level 54 of the Relative Strength Index period 14. BCH is in the uptrend zone and above the centerline 50. The coin has the chance of rising. The price is breaking above the 21-day SMA. BCH also has the chance of rising if the price remains above the EMAs.

BCH/USD -Daily Chart

Conclusion
BCH has recovered from the recent breakdown. The price has fallen into the previous range-bound zone. The current uptrend is intact. A red candle body tested the 0.618 or 61.8% Fibonacci retracement level. This gives the clue where price will go. When price breaks the current resistance the market will reach the 1.618 Fibonacci extension level or $380 high.



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