Bitcoin Cash (BCH) In a Sideways Trend, Attempts to Break the $590 High

Azeez Mustapha
9 August 2021 | Updated: 9 August 2021

Key Highlights
BCH battles the resistance at $590
The crypto has resumed an upward move

Bitcoin Cash (BCH) Current Statistics
The current price: $3,125.92
Market Capitalization: $366,516,306,020
Trading Volume: $30,727,758,990
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis August 9, 2021
On August 7, Bitcoin Cash (BCH) rallied to $590 but could not continue the upward move. The crypto was resisted at the recent high as it retraced to $549. Today, BCH has resumed a fresh uptrend to revisit the previous high. On the upside, if the bulls break the resistance at $590, the crypto will rally to a $700 high. On the other hand, if the bulls fail to break the recent high, the market will decline to a range-bound move. In the meantime, BCH’s price is consolidating below the recent high.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is at level 62 of the Relative Strength Index period 14. It indicates that BCH is in the uptrend zone above the centerline 50. The price bars are above the moving averages which indicate that the crypto will continue to rise. Presently, it is above the 40% range of the daily stochastic. The market is in a bullish momentum.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash is in a sideways trend as buyers attempt to break the recent high. The altcoin will resume upward if the $590 resistance is breached. Meanwhile, on August 7 uptrend; a retraced candle body tested the 38.2 % Fibonacci retracement level. The retracement indicates that BCH will rise to level 2.618 Fibonacci extension or level $ 698.72.

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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.