Bitcoin Cash (BCH) In a Sideways Move, Faces Rejection at $715

Azeez Mustapha
30 August 2021 | Updated: 30 August 2021

Key Highlights
BCH targets the high of $804
BCH/USD faces strong rejection at level $700

Bitcoin Cash (BCH) Current Statistics
The current price: $648.50
Market Capitalization: $13,457,887,724
Trading Volume: $2,976,721,816
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis August 30, 2021
Bitcoin Cash (BCH) has fallen to $648.67 low. Since August 16, BCH has been in a downward correction after the uptrend was stalled at level $715. Buyers have retested the resistance zones thrice but could not break above the recent high. Yesterday, BCH was repelled as the altcoin dropped to $641 low. BCH will rally above $800 if buyers overcome the $715 resistance. Today, BCH has fallen to the support above 21-day SMA. The market will resume upward if the support holds.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The altcoin is at level 54 of the Relative Strength Index period 14. It indicates that the crypto is in the bullish trend zone and above the centerline 50. BCH is above the 21-day SMA. A break below the 21-day SMA will cause the altcoin to resume a downward move. The 21-day and 50-day SMAs are pointing northward indicating the uptrend.

Conclusion
Following the recent breakdown, BCH is likely to resume an upward move. Meanwhile, on the August 29 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that BCH will rise to level 2.618 Fibonacci extensions or level $ 804.21.

BCH/USD – 4 Hour Chart

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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.