Bitcoin Cash (BCH) Price Analysis: BCH Falls as It Faces Rejection at $240 Resistance

Bitcoin Cash (BCH) Price Analysis: BCH Falls as It Faces Rejection at $240 Resistance

Key Highlights
BCH continues its tight range between $215 and $240
The coin may revisit the previous low at $200

Bitcoin Cash (BCH) Current Statistics
The current price: $227.65
Market Capitalization: $4,216,837,665
Trading Volume: $2,085,799,595
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis September 21, 2020
Since September 3, BCH has remained in consolidation between $200 and $240. However, the fluctuation has been narrowed to between $215 and $240. The price is yet to break the key levels of the market as the range-bound movement lingers for a few more days.

On the downside, if price breaks the support line at $210, it will fall and retest the $200 support. A break below the critical support at $200 will sink the coin to $178 low. Conversely, if a breakout occurs above $240, BCH will rally above $260. Perhaps, the coin will resume the upside momentum.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The BCH price is below the EMAs. It suggests a downward movement of prices but the market has been range-bound for over two weeks. In the meantime, BCH is facing rejection at the 12-day EMA. The coin is below 60% range of the daily stochastic.

BCH/USD – Daily Chart

Conclusion
The Fibonacci analysis will hold if the price breaks below the critical support at $200. A green candle body tested the 78.6 % Fibonacci retracement level. BCH will fall and reach level 1.272 Fibonacci extension or $178 low. Thereafter, the coin will reverse and return to the 78.6% retracement level where it originated.


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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Author : Azeez Mustapha

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