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Key Highlights
BCH is fluctuating between $440 and $550
A break below the $440 support will push the coin $360 low
Bitcoin Cash (BCH) Current Statistics
The current price: $508.18
Market Capitalization: $10,671,832,168
Trading Volume: $2,567,031,424
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210
Bitcoin Cash (BCH) Price Analysis February 8, 2021
Bitcoin Cash is range bound between $440 and $550 since the February 23 breakdown. Today the price is retracing after testing the $525 high. The crypto will trend if the range-bound levels are broken. The bulls and bears have continued with the price tussles as the range-bound levels remain unbroken. On the upside, if the bulls break the $550 resistance, a rally to $720 is expected. Also, if the bears break below the $440 support, BCH will decline to $360 low.
Bitcoin Cash Technical Indicators Reading
The crypto’s price is below the 21-day and 50-day SMAs. The implication is that the coin is in the bearish trend zone and capable of further decline. The coin is at level 43 of the Relative Strength Index period 14. BCH is still in the downtrend zone and below the centerline 50 .
Conclusion
There has been no significant price movement as the coin continues to be range-bound. On February 23 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 $339.87 and reverse. BCH will reverse to 78.6% Fibonacci retracement level where it originated.
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