Bitcoin Cash (BCH) Falls and Finds Support above $1,000

17 May 2021 | Updated: 17 May 2021

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.

BCH/USD – Daily Chart

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.

BCH/USD -4 hour Chart

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.


You can purchase crypto coins here: Buy Coins

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.