Bitcoin Cash (BCH) Is in a Sideways Move, Faces Rejection at $550

Key Highlights
BCH breaks level $496 and removes upward move
BCH/USD consolidates above $496

Bitcoin Cash (BCH) Current Statistics
The current price: $499.55
Market Capitalization: $10,490,653,578
Trading Volume: $10,490,653,578
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis September 27, 2021

Bitcoin Cash’s (BCH) price has been fluctuating above the $470 support. The bears have retested the BCH support thrice but are unable to break it. Also, BCH’s price has earlier corrected upward but faced rejection at $550 high. The altcoin is confined in a range between $470 and $550. Meanwhile, on September 21 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH will fall to level 1.618 Fibonacci extension or level $374.74.

Bitcoin Cash Technical Indicators Reading
The crypto is at level 35 of the Relative Strength Index period 14. The coin is in the downtrend zone and approaching the oversold. In the oversold region, buyers are likely to emerge. The 21-day and 50-day SMAs are sloping downward indicating a downtrend. The crypto is above the 40% range of the daily stochastic. This indicates a bullish momentum which is contrary to the price action.

Conclusion
BCH is in a downward move. The bears have broken the previous low and resumed upward. The upward correction is facing rejection at the recent high. Meanwhile, on September 22 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 $455.50.

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