Bitcoin Cash (BCH) Declines as Bears Revisits the Previous Lows

Azeez Mustapha
16 August 2021 | Updated: 16 August 2021

Key Highlights
BCH has rallied to $710 high
Presently, BCH has fallen to $672 low

Bitcoin Cash (BCH) Current Statistics
The current price: $676.99
Market Capitalization: $14,214,893,198
Trading Volume: $2,713,833,042
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis August 16, 2021
Bitcoin Cash (BCH) price is making a series of higher highs and higher lows above the 21-day SMA. BCH has rallied to the high of $710 but buyers are attempting to sustain the bullish momentum above the recent high but are unable. BCH retraced to $682 after the resistance. The retracement has subsided as bulls buy the dips. On the upside, if price breaks above the $710 resistance, the market will rally above $770. BCH has reached an overbought region of the market.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
Bitcoin Cash is at level 72 of the Relative Strength Index period 14. It indicates that BCH has reached the overbought region. The crypto has limited room to rally on the upside. Presently, it is above the 35% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
Bitcoin Cash is in an upward move after a minor retracement. Further upside is possible. Meanwhile, on August 16 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that BCH will rise to level 1.618 Fibonacci extension or level $ 680.64. From the price action.

BCH/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.