Bitcoin Cash Forecast: BCHUSD Could Face Barrier Near $280 Levels

November 20, 2018 AtoZ Markets  Bitcoin Cash price is trading in a bullish note as all the other major cryptocurrencies in the market. At the time of press, Bitcoin Cash is trading at $276 level in the 24-hours volume of $128,973,576. Bitcoin Cash has a market cap of $4.2 Billion, according to statistics.

Since last week, the price of the coin has moved by -31.84% with a total volume of over $ 1.57 Billion. The highest price of the coin, $ 202.64, was on 14 November 2018 at 14:00 GMT, whilst the lowest price, $ 124.36, was on 20 November 2018 at 10:00 GMT.

Bitcoin Cash Technical Analysis

According to candlestick charts, a "Bullish Doji Star" candlestick pattern was formed in 1H timeframe, which indicates the bullish momentum with medium reliability. During a downtrend, the market strengthens the bears with a long black candlestick and gaps open on the second one. However, the second candlestick trades within a small range and closes at or near its open. This scenario generally shows the potential for a rally, as many positions have been changed. Confirmation of the trend reversal would be a higher open on the next candlestick.

Looking at the weekly Bitcoin Cash chart, the price of the coin declined further and traded below the $240 and $220 support levels. The price of the coin traded near to the $200 level and settled below the 100 hourly SMA. Later, the price traded as low as $202 and later started an upside correction. Buyers pushed the price of the coin above the 23.6% Fibonacci retracement level of the recent slide from the $361 highs to $202 lows.

However, the recent recovery faced a strong resistance near the $280 levels. Moreover, the coin followed the important bearish trend line and is still in place with resistance at $280 on the hourly chart of the BCHUSD pair. Besides, the 50% Fibonacci retracement level of the recent slide from the $361 highs to $202 lows acted as a hurdle.

The BCHUSD pair is currently consolidating near the $250 level with a minor bullish angle. It seems like buyers could make another attempt to clear the $275 and $280 resistance levels.

In conclusion, BCH price might find it difficult to surpass the $280 barrier. If buyers succeed, the price of the coin might recover towards the $300 and $330 levels in the upcoming. However, it is likely possible that the price might hover at the same zone as the technical indicators are still on the bearish side.

Bitcoin Cash Pivot Points

Bitcoin Cash has a significant support near $400 and resistance near $520 levels.

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