Bitcoin Cash (BCH) Is in a Downward Move, May Decline to $558 Low

Updated:

Key Highlights
BCH faces rejection at $650 resistance level
BCH may decline to $558

Bitcoin Cash (BCH) Current Statistics
The current price: $600.68
Market Capitalization: $12,616,674,493
Trading Volume: $1,245,341,326
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis October 18, 2021
For the past week, Bitcoin Cash (BCH) has been trading in the bullish trend zone. The upward move is facing rejection at the high of $648 as the altcoin declines. If price breaks below the 50-day SMA, it will accelerate the selling pressure on the downside. BCH will decline to $550 low. However, if the 50-day support holds, BCH will resume a fresh uptrend.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The cryptocurrency is at level 52 of the Relative Strength Index period 14. It indicates that the crypto is in the uptrend zone and above the centerline 50. There is a possibility of a further upward movement of the coin.BCH is below the 40% range of the daily stochastic. The coin is in a bearish momentum.

Conclusion
On the 4 – hour chart, BCH is in an upward move. The uptrend faces rejection at the $650 resistance zone. It declines to $605 low and resumes upward correction. The upward correction was terminated at the high of $620 as bears resumed selling pressure. Meanwhile, on October 17 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 $558.34 .

BCH/USD – 4 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.