Bitcoin Cash (BCH) Price Analysis: BCH Faces Stiff Resistance at $440 as Bears Threaten to Short

Bitcoin Cash (BCH) Price Analysis: BCH Faces Stiff Resistance at $440 as Bears Threaten to Short

Key Highlights
BCH faces rejection twice at the $440 resistance
BCH is currently fluctuating between $390 and $440

Bitcoin Cash (BCH) Current Statistics
The current price: $415.56
Market Capitalization: $8,698,668,309
Trading Volume: $5,419,087,295
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis February 1, 2021
For the past four days, the bulls have retested the $440 resistance but were repelled. On Each retest, the price will fall to $390 low and the upward move will resume. The crypto is now fluctuating in a tight range between $390 and $440. BCH is facing stiff resistance at $440. On the downside, if the coin falls and breaks below $390, BCH will decline to $280. Similarly, if buyers can push the coin above $440, a rally to $540 is likely.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The bears have broken below the SMAs as bulls attempt to pullback. BCH has fallen into the bullish trend zone which makes it prone to further decline. The coin is at level 43 of the Relative Strength Index period 14. BCH is still in the downtrend zone and is capable of falling.

BCH/USD – Daily Chart

Conclusion
BCH is still falling and in a downward move. Meanwhile, on January 21 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BCH is likely to fall to level 1.272 Fibonacci extensions. That is, BCH will fall to a low of $342.09 and reverse. BCH will reverse to 78.6% Fibonacci retracement level where it originated.


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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.