Key Highlights
Bitcoin Cash falls and finds support above $1,000
BCH resumes an upward move
Bitcoin Cash (BCH) Current Statistics
The current price: $1,114.21
Market Capitalization: $1,114.21
Trading Volume: $6,829,675,565
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210
Bitcoin Cash (BCH) Price Analysis May 17, 2021
Bitcoin Cash is recovering after falling to the low of $1,000. The recent downtrend was caused by the formation of a bearish double top. On May 6, buyers retested the $1,600 resistance but were repelled as the altcoin dropped to $1,273 low. On May 11, the bulls retested the resistance zone and were resisted. BCH dropped to $1,000 and pulled back. Meanwhile, on May 12 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 $2,553.63.
Bitcoin Cash Technical Indicators Reading
The altcoin has fallen to level 48 of the Relative Strength Index period 14. This indicates that BCH is in the downtrend zone and capable of falling on the downside. The crypto’s price has broken below the 21-day SMA but pulled back. A break below the SMA will mean that BCH will fall. The 21-day and 50-day SMA are sloping upward indicating the uptrend.
Conclusion
BCH/USD price has been in a downward move. The Fibonacci tool has indicated a possible reversal of the downtrend. On May 13 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 $1,018.40. From the price action, the market has declined to 1.272 Fibonacci level and reversed. BCH will resume an uptrend if the Fibonacci level holds.
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