Bitcoin Cash (BCH) Consolidates above $467 as Bulls and Bears Resume Price Tussle above Current Support

Bitcoin Cash (BCH) Consolidates above $467 as Bulls and Bears Resume Price Tussle above Current Support

Key Highlights
BCH is consolidating above $467
BCH has reached bearish exhaustion

Bitcoin Cash (BCH) Current Statistics
The current price: $476.40
Market Capitalization: $9,995,200,748
Trading Volume: $1,385,514,187
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis June 28, 2021
Bitcoin Cash (BCH) is consolidating above the previous low at $467. The bears have earlier broken below the previous low but BCH price pulled back and resumed consolidation above it. The crypto pulled back but the upward move was repelled at the $490 high. BCH is retracing from the recent high to resume consolidation above the $467 support.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The crypto price is retracing after facing rejection at the resistance line of the descending channel. If BCH finds support above $467, the current consolidation will continue for a few days. BCH has risen to level 37 of the Relative Strength Index period 14. It indicates the crypto is still in the downtrend zone and below the centerline line 50. Also, the altcoin is trading above the 80% range of the daily stochastic.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash is in a downward correction. The crypto’s price is consolidating above the $430 support. Meanwhile, on June 22 downtrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that BCH will fall to level 1.272 Fibonacci extension or level $ 388.45

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.