Bitcoin Cash (BCH) In a Downward Correction, Retraces to $609 Support

Bitcoin Cash (BCH) In a Downward Correction, Retraces to $609 Support

Key Highlights
BCH retraces to $609
The altcoin may resume a fresh uptrend

Bitcoin Cash (BCH) Current Statistics
The current price: $653.13
Market Capitalization: $13,709,617,877
Trading Volume: $1,540,712,361
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis June 7, 2021
Since May 23, Bitcoin Cash has been in a downward correction. The crypto rebounded above $490 to reach the high of $800. The bulls retested the resistance at $800 thrice before the downward correction.
BCH falls and resumes a sideways move below $730 resistance. Today, BCH is falling on the downside to revisit the previous lows.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The coin has fallen to level 40 of the Relative Strength Index period 14. The crypto is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping downward indicating the downtrend. BCH has a bearish crossover as the 21-day SMA crosses below the 50-day SMA.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash is gradually in a downward move as the altcoin falls. On May 28 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 $609.10 and reverse. The coin is falling and has reached a low of $654.86.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.