Bitcoin Cash (BCH Is Stuck below $560 High, Uptrend Likely

Key Highlights
BCH is stuck below $560 high
The crypto has resumed a downward move

Bitcoin Cash (BCH) Current Statistics
The current price: $550.56
Market Capitalization: $11,561,658,896
Trading Volume: $2,220,591,308
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis August 2, 2021
On July 30, Bitcoin Cash (BCH) rallied to $560 but could not continue the upward move. Buyers were repelled at the recent high as the altcoin resumes a downward move. BCH is likely to retrace to the low of $540. However, if buyers overcome the $560 resistance, the market will rally to the high of $640. Nevertheless, the crypto is declining as BCH faces rejection at t $560 resistance. The uptrend will resume if Bitcoin finds support above the moving averages.

Bitcoin Cash Technical Indicators Reading
BCH is at level 61 of the Relative Strength Index period 14. It indicates that BCH is in the uptrend zone above the centerline 50. BCH is likely to continue the upside momentum. Presently, BCH is below the 80% range of the daily stochastic. Sellers have emerged in the overbought region of the market as BCH falls.

Conclusion
Bitcoin Cash is likely to resume upward after the retracement. The 21-day SMA has been proving support as BCH retraces on the downside. Meanwhile, on July 26 uptrend; a retraced candle body tested the 50 % Fibonacci retracement level. The retracement indicates that BCH will rise to level 2.0 Fibonacci extension or level $ 593.60.

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