Bitcoin Cash (BCH) Price Analysis: BCH Consolidates Above $445 Support, Risks Further Decline

1 March 2021 | Updated: 1 March 2021

Key Highlights
Bitcoin Cash consolidates above $445 support
The altcoin will decline to $360 low if the current support cracks.

Bitcoin Cash (BCH) Current Statistics
The current price: $465.27
Market Capitalization: $9,776,656,121
Trading Volume: $3,847,879,504
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis March 1, 2021
Following the February 23 breakdown, the bulls have been consistently defending the $445 support level. The price has corrected upward twice to break the $560 high but was repelled. Presently, buyers are struggling to push above the $520 and $480 minor resistance levels. On the upside, if the bulls break the minor resistance levels, BCH will resume upward. However, if the bulls fail to move upward, the bears may break the current support at $445. If the bears are successful, the altcoin will decline to $360 low.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is above the 40% range of the daily stochastic. It indicates that the market is in a bullish momentum. The coin is now at level 41 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash is still consolidating above the current support above $445 low. The Fibonacci tool has indicated a further downward movement of the coin. On February 23 downtrend, a retraced candle body tested 78.6% Fibonacci retracement level. The retracement implies that BCH will fall but reverse at level 1.272 Fibonacci extension or the low of $360.57.


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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.