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.

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.

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.



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