Bitcoin Cash (BCH) Fluctuates Between Levels $620 and $715, Uptrend Likely

Azeez Mustapha
23 August 2021 | Updated: 23 August 2021

Key Highlights
BCH faces rejection at $715
BCH/USD is range bound between $620 and $715

Bitcoin Cash (BCH) Current Statistics
The current price: $671.51
Market Capitalization: $14,101,658,243
Trading Volume: $2,949,463,991
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis August 16, 2021
Binance Coin (BCH) rallied to $715 but resumed sideways move below the resistance. For the past week, buyers have not been able to push the crypto above the resistance line. In the first uptrend, BCH fell to $620 low after rejection. In the second uptrend, BCH’s price has been fluctuating below the resistance zone. On the upside, if the bulls break above the resistance, BCH will rally above $800 high. However, the sideways move below the resistance will continue if the resistance level remains unbroken. Meanwhile, on the 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 extensions or level $836.29.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is at level 63 of the Relative Strength Index period 14. It indicates that the crypto is in the bullish trend zone and capable of rallying on the upside. The 21-day and 50-day SMAs are pointing northward indicating the uptrend. The coin has a bullsh crossover as the 21-day SMA crosses above the 50-day SMA. This indicates a buy signal.

Conclusion
Further upsides are likely as buyers struggle to break above the $715 resistance line. Meanwhile, on the August 21 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that BCH will rise to level 2.0 Fibonacci extensions or level $777.22


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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.