Bitcoin Cash (BCH) Price Analysis: BCH Falls as Bears Break the Price Range Between $470 and $540

Bitcoin Cash (BCH) Price Analysis: BCH Falls as Bears Break the Price Range Between $470 and $540

Key Highlights
BCH faces rejection twice at $540 resistance
The altcoin is on a downward move and may reach the low of $289.30

Bitcoin Cash (BCH) Current Statistics
The current price: $408.63
Market Capitalization: $8,581,330,223
Trading Volume: $5,688,248,254
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis January 27, 2021
Bitcoin Cash is in a downward move after one week of fluctuation between $470 and $540. The price broke the $470 support and dropped to the low of $391. The price corrected upward and retested the $470 high. The coin has resumed a downtrend after the retest at the recent high. As the bulls fail to sustain the price above the $540 resistance, the bears may again sink the price to the support at $370. In the meantime, BCH has fallen to the low of $407 at the time of writing.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH has fallen below the 40% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The crypto’s price is falling and approaching the 50-day SMA. A break below the 50-day SMA will mean that the coin is in the bearish trend zone. BCH will be prone to a further downward move.

BCH/USD – 4 Hour Chart

Conclusion
BCH is in a downward move as the bears have the upper hand. A Fibonacci has a further downward movement of the coin. Meanwhile, on January 21 downtrend; the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 1.618 Fibonacci extensions. That is, BCH will fall to a low of $289.30.


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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.