Bitcoin Cash (BCH) Price Analysis: BCH Fluctuates Between $400 and $470, Resumes an Uptrend

Key Highlights
BCH will resume an uptrend if the $470 resistance is breached
The coin fluctuates between $400 and $470

Bitcoin Cash (BCH) Current Statistics
The current price: $428.37
Market Capitalization: $8,995,784,996
Trading Volume: $4,433,417,630
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis February 5, 2021
Bitcoin Cash is rising after falling to the low of $412. The crypto appears to be fluctuating between $400 and $470 for the past two weeks. On January 26, the bears broke the $430 support as BCH declined to $389 low. The bulls buy the dips to push BCH to $460 high. Unfortunately, BCH faced another rejection at the high of $460. The altcoin is now confined between $400 and $470. The coin will resume selling pressure if the $400 support is breached. On the other hand, BCH will resume an uptrend if the $470 resistance is breached.

Bitcoin Cash Technical Indicators Reading
The coin is above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The crypto’s price will rise if price breaks above the 21-day SMA. The coin is at level 49 of the Relative Strength Index. It indicates that there is a balance between supply and demand.

Conclusion
BCH has reached bearish exhaustion as the market resumes upward. on January 22 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 $343.16 and reverse.


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