Bitcoin Cash (BCH) Price Analysis: Struggles to Break the $310 Resistance, Upward Move Likely

Bitcoin Cash (BCH) Price Analysis: Struggles to Break the $310 Resistance, Upward Move Likely

Key Highlights
BCH now battles resistance at l $310
When uptrend resumes, the crypto will reach a target of $380

Bitcoin Cash (BCH) Current Statistics
The current price: $304.98
Market Capitalization: $5,639,582,494
Trading Volume: $1,835,559,503
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis August 17, 2020
Bitcoin Cash is now in an upward move. Since BCH reached the $320, high, buyers have not been able to push price to the previous high. All the price movement has been stalled before the $310 resistance level. A strong bounce above $300 will propel price to break the $310, $320 and the momentum will rise to the $340 high. BCH will continue to fluctuate before $310 resistance if the minor resistance remains unbroken.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The coin is at level 61 of the Relative Strength Index period 14. BCH is in the uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward. BCH also has the chance of rising if the price remains above the EMAs.

Conclusion
BCH is still battling to break above minor resistance. In the August 1 uptrend, a red candle body tested the 0.618 or 61.8% Fibonacci retracement level. This gives the clue where price will go. When price breaks the current resistance the market will reach the 1.618 Fibonacci extension level or $380 high.


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