Bitcoin Cash (BCH) Price Analysis: Struggles in a Tight Range, Eyes the $380 High


Key Highlights
BCH has continued to fluctuate between $280 and $320
Bitcoin Cash has a target price of $380 if the uptrend resumes

Bitcoin Cash (BCH) Current Statistics
The current price: $306.54 
Market Capitalization: $5,666,513,152
Trading Volume: $1,769,341,099 
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis August 10, 2020
Buyers and sellers are still tussling with price in the $280 and $320 price range. The price consolidation is away from the overhead resistance. The price action is also characterized by small body candlesticks like the Doji and Spinning tops. These candlesticks describe the indecision between buyers and sellers about where the market will trend.

A possible breakout or breakdown is expected. Nonetheless, the bulls have greater chances than the bears as a breakout will catapult the coin to a high of $380 price level. Conversely, where the bulls fail to break the current resistance the market will be compelled to a sideways move below the resistance for a few more days.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The crypto is rising in an ascending channel. The coin will resume a further upward movement if price breaks and closes above the resistance line. Similarly, BCH will fall if price breaks and closes below the support line. The coin is at level 62 of the Relative Strength Index period 14. It indicates that the price is in the bullish trend zone and may rise.

BCH/USD – Daily Chart

Since price is above the EMAs, BCH has a chance of an upward move. According, to the Fibonacci tool, a red candle tested the 0.618 retracement level. This means that BCH will rise and reach the 1.618 extension level. That is, we should expect the market to reach a high of $380.

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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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.