Bitcoin Cash (BCH) Is Stuck Below $600 Resistance, May Resume Selling Pressure

11 October 2021 | Updated: 11 October 2021

Key Highlights
BCH battles resistance at $600
BCH may resume selling pressure

Bitcoin Cash (BCH) Current Statistics
The current price: $602.98
Market Capitalization: $12,662,412,572
Trading Volume: $1,209,902,232
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis October 11, 2021
Bitcoin Cash (BCH) is in an upward move. The altcoin is above the 21-day line SMA but below the 50-day line SMA. For the past five days, buyers have been struggling to break above the $600 resistance level. If the current resistance is breached, it will signal the resumption of the uptrend. BCH/USD will resume downward correction if buyers fail to break the current resistance level.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is at level 54 of the Relative Strength Index period 14. It indicates that the crypto is in the uptrend zone and above the centerline 50. The altcoin will resume an uptrend if buyers break above the 50-day Line SMA . BCH is above the 78% range of the daily stochastic. The coin is in a bullish momentum.

Conclusion
BCH is in an upward move. On October 6, the uptrend reached the high of $625 but reached bullish exhaustion above the $600 resistance. BCH/USD was compelled to resume a sideways trend below the resistance level. Meanwhile, on October 6 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BCH is likely to rise but reverse at level 1.272 Fibonacci extensions or level $676.54.

BCH/USD – Daily 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.