Bitcoin Cash (BCH) Price Analysis: BCH Battles $1,000 Resistance Zone, May Resume Up trending

Bitcoin Cash (BCH) Price Analysis: BCH Battles $1,000 Resistance Zone, May Resume Up trending

Key Highlights “
BCH struggles to break above $1,000 resistance
The altcoin has a target price of $1,966 high

Bitcoin Cash (BCH) Current Statistics
The current price: $1,020.85
Market Capitalization: $21,433,893,350
Trading Volume: $2,596,463,445
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis May 3, 2021
Bitcoin Cash price has broken above the $900 support. The crypto’s price is above the moving averages which suggests a possible upward movement of price. However, buyers are finding it difficult to push BCH above the $1,000 high. The $1,000 resistance is the previous price level of April 19. In April, buyers could not break the recent high. Consequently, BCH dropped to $760 low. The bulls have bought the dips as the market resumed a fresh uptrend. On the upside, if buyers break the current resistance, BCH price will retest or rally above $1,200 overhead resistance.

BCH/USD -Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH price has risen to level 63 of the Relative Strength Index period 14. The coin is in the uptrend zone and approaching the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend. BCH will continue to rise as long as the crypto’s price is above the moving averages.

BCH/USD – 4 Hour Chart

Conclusion
On the 4 Hour Chart, BCH has resumed an upward move. The Fibonacci tool has indicated an upward movement of the coin. On April 16 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 the high of $1,966. 71.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.