Bitcoin Cash Price Prediction: BCH/USD Faces Stiff Resistance at $240 , Consolidates in a Narrow Range

Bitcoin Cash (BCH) Price Prediction – September 19, 2020
BCH/USD is still falling because it is in the bearish trend zone. The selling pressure has been exhausted temporarily as it consolidates in a tight range between $228 and $240. BCH/BTC has been in a downtrend since February 14.

Key Levels:
Resistance Levels: $280, $320, $340
Support Levels: $200, $160, $120

BCH/USD – Daily Chart

Bitcoin Cash is trading at $234 at the time of writing. After the last bearish impulse on September 3, BCH was consolidating between $203 and $240. The coin was range-bound for two weeks and the range-bound levels remained unbroken. On September 15, the bulls attempted to break the resistance at $240 but were repelled. The price retraced and resumed consolidating in a narrow range. BCH now consolidates between $228 and $240.

This tight consolidation can easily lead to a breakout or break down. On the upside, if price breaks the $240 resistance, a rally above $260 is expected. The coin will resume upside momentum. On the downside, a break at the $228 support will push the coin to $215 low. However, if the selling pressure persists and breaks below $200 critical support, the Fibonacci tool analysis will hold. On September 3 downtrend, the retraced candle body tested the 78.6 % Fibonacci retracement. It indicates the coin will fall to the low of $177.

Bitcoin Cash Indicator Analysis
The price is below the EMAs which suggests a downward movement of the coin. The price is attempting to break above the EMAs. BCH will resume an upward move if price breaks above the EMAs. The crypto is in a bullish momentum above the 70% range of the daily stochastic.

BCH/BTC – Daily Chart

In the BCH/BTC chart, the market is in a downward move. The pair has been a downward move since February. A Fibonacci tool was drawn to determine if the selling pressure is continuing. On September 3 downtrend; the retraced candle body tested the 61.8 % Fibonacci retracement level. It indicates that the coin will further decline. The market will fall and reach the 1.618 extensions level or Ƀ0.016906 low.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.