Bitcoin Cash (BCH) Finds Support Above $610, Resumes Uptrend

Updated:

Key Highlights
BCH faces rejection at $650
BCH exhausts selling pressure, finds support above $$610

Bitcoin Cash (BCH) Current Statistics
The current price: $621.97
Market Capitalization: $13,061,124,032
Trading Volume: $1,141,288,446
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis October 25, 2021
Since October 16, Bitcoin Cash (BCH) uptrend has been facing rejection at the $650 high. On October 16 and 20, buyers were repelled as the market declined to $610 low. Today, BCH price is trying to correct upward as it faces rejection at the 50-day SMA. Presently, the altcoin is trading at $621 at the time of writing. The selling pressure will resume if price breaks below $600 support.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is at level 54 of the Relative Strength Index period 14. It indicates that the crypto is in the uptrend zone and above the centerline 50. It is also capable of a further upward move. The altcoin has a bearish crossover. That is, the 50-day SMA crosses below the 21-day SMA indicating a sell signal. Also, the selling pressure will resume if price breaks and closes below the support line.

Conclusion
On the 1 – hour chart, BCH has been in a downward move. The downtrend has subsided as the cryptocurrency finds support above $610. Meanwhile, on October 21 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH will fall to level 1.618 Fibonacci extensions or level $599.54. From the price action, BCH fell to $605 .16 low and resumed an uptrend.

BCH/USD – 1 Hour Chart

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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.