Bitcoin Cash (BCH) Price Analysis: BCH Resumes Consolidation Above $200 Support

Bitcoin Cash (BCH) Price Analysis: BCH Resumes Consolidation Above $200 Support


Key Highlights
BCH plunged to $203 support
The crypto consolidates above $200 support

Bitcoin Cash (BCH) Current Statistics
The current price: $228.58
Market Capitalization: $4,231,117,995
Trading Volume: $2,516,463,133
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis September 7, 2020
Today, Bitcoin Cash is trading at $226 at the time of writing. On September 3, sellers finally plunged the coin to June previous low of $203. The breakdown was massive as the bears broke the $280 support and price found support above $200. The selling pressure is presumed to be over if the current support holds.

However, if the bears break the current support, BCH will decline and tally with March lows of $140. On the upside, a strong bounce above $200 will signal the resumption of an upward move. Buyers have an uphill task as the coin must be pushed above $280 high before the resumption of upside momentum. Meanwhile, BCH is consolidating above $200 support as selling pressure reaches bearish exhaustion.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH will rise once the buyers push the coin above the SMAs. The coin will continue to fall as long as price is below the SMAs. According to the daily stochastic, BCH is still in a bearish momentum below the 40% range.

BCH/USD – Daily Chart

Conclusion
The crypto has almost exhausted the selling pressure as the $200 support holds. Nonetheless, with the retracement 61.8 % Fibonacci, the market will fall and reach 1.618 extension or $200 support. The price action has already reached the presumed price level as the market continues consolidation.


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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