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Key Highlights
BCH consolidates in a tight range between $280 and $300
The coin will reach a possible high of $350
Bitcoin Cash (BCH) Current Statistics
The current price: $292.34
Market Capitalization: $5,402,984,616
Trading Volume: $1,870,360,040
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150
Bitcoin Cash (BCH) Price Analysis August 6, 2020
The price movement has been relatively stable for the past five days. BCH is now consolidating in a tight range between $280 and $300. These key levels can easily be broken as price fluctuates within the price range. BCH is restrained from pushing above $300 as it trades below the resistance.
On the upside, a strong bounce above $280 will propel the price to break the $300 resistance. This will accelerate the price movement. BCH will retest the $340 high if the bulls are successful. Once the $300 resistance is breached, it will indicate that the uptrend has started. On the other hand, if the bears break below $280, the market will fall to $250 low.
Bitcoin Cash Technical Indicators Reading
One significant aspect of the price action is that the price has been stable above the EMAs. This ensures that the market will continue to rise. On the other hand, the market will fall if price is below the 21-day and 50-day SMAs.
Conclusion
There is a likelihood of BCH rising to revisit the previous highs. In the August 3 uptrend, the market reached a high of $300. A red candle body tested the 0.382 Fibonacci retracement level. This implies that the upward move resumes, the market will reach the high of level 2.618. The market will reach a high of $350.
Note: 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
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