Bitcoin Cash (BCH) Price Analysis: BCH Breaks $540 Resistance and Rallies to $754 High

Bitcoin Cash (BCH) Price Analysis: BCH Breaks $540 Resistance and Rallies to $754 High

Key Highlights
BCH has rallied to a new high of $754
BCH faces rejection at the $754 as the coin falls to a $600 low

Bitcoin Cash (BCH) Current Statistics
The current price: $667.84
Market Capitalization: $14,037,218,050
Trading Volume: $13,972,399,257
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis February 15, 2021
Buyers broke the $540 resistance on February 12, BCH rallied to a new high of $754. Shortly after reaching the $760 resistance zone, the cryptocurrency was repelled as BCH dropped to $600 low and pulled back to $667 high. The candlestick wick tested 21-day SMA support and pulled back. However, sellers are still pushing the coin to 21-day SMA support. BCH will continue its upward move if the price falls to 21-day SMA and holds. The Selling pressure will persist if the bears break below the 21-day SMA.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH has risen above the 80% range of the daily stochastic. It indicates that the coin is in the overbought region of the market. Sellers have already emerged as prices resumed downward. It is not clear how long the price will retrace. The SMAs are sloping upward indicating the uptrend.

BCH/USD – 1 Hour Chart

Conclusion
BCH is currently falling after reaching the recent high of $754. It fell to $600 low but pulled back to $653 high. The price is now consolidating above $650 for a resumption of an upward move. A Fibonacci tool has indicated a downward movement of the coin. On February 15 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to fall to level 1.618 Fibonacci extensions. That is, BCH will fall to level $506.23. However, the price action is indicating a trend reversal above $650.

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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.