Bitcoin Cash (BCH) Price Analysis: BCH Declines and Breaks Crucial Support at $546, May Revisit $470 Low

Key Highlights
BCH retraces to $546 support
BCH resumes selling pressure

Bitcoin Cash (BCH) Current Statistics
The current price: $540.72
Market Capitalization: $11,351,900,862
Trading Volume: $1,206,222,641
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis October 4, 2021
Bitcoin Cash (BCH) is in a downward move. The altcoin has fallen to its previous low at $470 and pulled back. BCH price broke above the 21-day SMA but was resisted. Today, the altcoin is retracing as price breaks below the 21-day SMA. The selling pressure will resume if the bears break below the moving averages. The altcoin will fall and revisit the previous low at $470.

Bitcoin Cash Technical Indicators Reading
BCH is at level 47 of the Relative Strength Index period 14. It indicates that the crypto is in the downtrend zone and below the centerline 50. The altcoin is capable of falling on the downside. The crypto price is below the 50-day SMA but above the 21-day SMA. The altcoin will trend if these levels are breached. BCH is above the 25% range of the daily stochastic. The coin is attempting an upward move as price reaches bearish exhaustion.

Conclusion
BCH is in a downward move as it dropped to the low of $546. In the meantime, the altcoin is consolidating above the current support. Meanwhile, on October 4 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BCH is likely to fall but reverse at level 1.272 Fibonacci extensions or level $537. BCH will reverse to 78.6% Fibonacci retracement level where it originated.

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