Bitcoin Cash (BCH) Is in a Sideways Move, Battles the Resistance at $600

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Key Highlights
BCH is stuck below $600
BCH is also in a sideways trend

Bitcoin Cash (BCH) Current Statistics
The current price: $588.52
Market Capitalization: $12,374,442,289
Trading Volume: $12,374,442,289
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis November 1, 2021
Bitcoin Cash (BCH) is trading in a downward correction below the $600 resistance. Since October 28, the BCH price is fluctuating below the resistance level. If the bulls break the $600 resistance, BCH will rally to $680. However, buyers will have to contend with the minor resistance at $650. In the previous uptrend, BCH was resisted at a $650 high.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The crypto’s price is above the 50-day SMA but below the 21-day SMA which indicates a sideways move. BCH is at level 48 of the Relative Strength Index period 14. It indicates that BCH is in the downtrend zone and below the centerline 50. That is, the market is prone to decline on the downside. The cryptocurrency is in a bullish momentum as BCH is above the 50% range of the daily stochastic.


Conclusion
On the 1– hour chart, BCH is in a sideways move. The price fluctuates and retests the resistance level. Meanwhile, on November 1 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 $627. 33 .

BCH/USD – 1 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.