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

Azeez Mustapha
2 August 2021 | Updated: 2 August 2021

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.

BCH/USD – Daily Chart

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.

BCH/USD – 4 Hour Chart

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.

You can purchase crypto coins here: Buy Tokens

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!
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.