Bitcoin Cash (BCH) Continues Its Bearish Run, as Bears Gain More Grounds

Bitcoin Cash (BCH) Continues Its Bearish Run, as Bears Gain More Grounds

Key Highlights
BCH revisit the previous low at $467
The altcoin is in a strong selling pressure

Bitcoin Cash (BCH) Current Statistics
The current price: $496.96
Market Capitalization: $12,016,976,460
Trading Volume: $1,945,905,470
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis June 21, 2021
Bitcoin Cash (BCH) is in a downward move. The altcoin has fallen and it is approaching the previous low of May 23. On May 23, the market reached a low of $467.8. Today, BCH has fallen to the low of $482. The altcoin is likely to retest the previous low at $467. Nevertheless, the selling pressure will resume if price breaks the previous low.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The crypto’s price has broken below the resistance line of the descending channel. This implies that the selling pressure is likely to resume. BCH has fallen to level 32 of the Relative Strength Index period 14. It indicates the crypto has reached the oversold region of the march. The crypto’s price is below the 21-day and 50-day SMAs which suggests that the altcoin is in the bearish trend zone.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash is in a downward move. The current price fall was after the rejection at $559 high. On June 20 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that BCH will fall to level 2.618 Fibonacci extension or level $401.06.


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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.