Bitcoin Cash (BCH) Price Analysis:BCH Resumes Downward After a Retest at $260 High

Bitcoin Cash (BCH) Price Analysis:BCH Resumes Downward After a Retest at $260 High

Key Highlights
BCH plunged to $250 low after a breakdown
The coin is at risk of a further downward move below $260 support

Bitcoin Cash (BCH) Current Statistics
The current price: $263.40
Market Capitalization: $4,874,795,372
Trading Volume: $1,887,699,051
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis September 3, 2020
Bitcoin Cash plunged to a $250 low after the bulls failed to push above the $300 high. The crypto is trading at $265 at the time of writing. Buyers have to push price above the EMAs or above the $280 support to resume upside momentum. However, BCH is still in the bearish trend zone and the coin tends to fall below the $260 support.

If sellers have the upper hand, the coin will continue to fall to the low of $240. On the upside, BCH will attempt to break above the $280 high. When the bulls are successful above $280, a retest at the $300 and $320 is likely. In the meantime, the price action is showing signs of bearish signals.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is in the bearish trend zone as price bars are below the EMAs. The coin will trend fall except it rebounds above the current support. Presently the coin is above the 40% range of the daily stochastic. The market is in a bullish momentum.

BCH/USD – 4 Hour Chart

Conclusion
With the recent break down the coin is recovering above $260 after reaching the low of $250. Meanwhile, a larger uptrend is still intact. According to the Fibonacci tool, the candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates an upward of the coin. The coin will rise and reach 1.618 Fibonacci extension level.



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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