Bitcoin Cash Price Analysis: BCH Drops to $245 Low but Recovers above $280 Support

Bitcoin Cash Price Analysis: BCH Drops to $245 Low but Recovers above $280 Support

Key Highlights

  • BCH is likely to find support above $280 price level
  • The coin will resume uptrend and has a possible target of $380 high

    Bitcoin Cash (BCH) Current Statistics
    The current price: $287.78
    Market Capitalization: $5,318,005,084
    Trading Volume: $3,170,460,413
    Major supply zones: $325, , $350,$375
    Major demand zones: $200, $175, $150

    Bitcoin Cash (BCH) Price Analysis August 3, 2020
    Yesterday, BCH pushed to the high of $340 but buyers failed to sustain the uptrend. There was a bearish reaction at the recent high as the coin encounter a sudden breakdown. The coin plunged to $245 low. Price corrected upward and retested the $300 high to resume the downtrend. In the meantime, the selling pressure has subsided as price consolidates above $280.

    BCH has another chance of an upward move because price fell and found support above the EMAs. The coin is fluctuating above the previous overpriced level but it is now a support. BCH will resume uptrend if the current support holds. The market is rising and approaching the minor resistance at $300. If the momentum continues, a break above $300 will push price to rally above $340.
BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The recent breakdown pushes BCH below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum. However, the price action is indicating a bullish signal. The crypto will commence upward move as price is above the EMAs.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash is likely to resume an upward move if the current support holds. A correction candle body tested the 0.618 Fibonacci retracement level. It indicates that BCH will reach the high of level 1.618 Fibonacci extension level. That is the crypto is expected 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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