Bitcoin Cash (BCH) Price Analysis: BCH Consolidates in a Tight Range as Bulls and Bears Are Undecided


Key Highlights
BCH is trading in a tight range between $215 and $231
BCH will fall and retest $200 if the current support at $215 cracks

Bitcoin Cash (BCH) Current Statistics
The current price: $223.78
Market Capitalization: $4,143,687,655
Trading Volume: $2,433,966,656
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis September 14, 2020
Since September 3, BCH has been trading in a confined range. It is currently at $223 but ranges between $200 and $240. It is unclear if the downtrend will continue because the current support at $200 has been holding since March. The bears have not been able to break it because it has been defended by the bulls.

Currently, BCH is fluctuating in a tight between $215 and $231. This tight range can easily be broken. If the bears break the $215 support, the coin will fall and retest the $200 low. The market will move up at this low if the support holds. On the upside, buyers must push BCH above $280 for the continuation of the uptrend.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
Bitcoin Cash is in a descending channel. The crypto will resume downtrend once the support line of the channel breaks and price closes below it. Similarly, the uptrend will resume if price breaks and closes above the resistance line of the descending channel.

BCH/USD – Daily Chart

The current range-bound movement will linger if the key levels of the market remain unbroken. However, the retraced candle body tested the 78.6 % Fibonacci retracement level. It indicates that the selling pressure will resume and BCH will reach the low of 1.272 Fibonacci extension level or $177 low .

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.