Bitcoin Cash (BCH) Price Analysis: BCH loses $680 support, a further downward move likely

Bitcoin Cash (BCH) Price Analysis: BCH loses $680 support, a further downward move likely

Key Highlights
BCH support at $680 is broken
The altcoin may further decline to $438.57

Bitcoin Cash (BCH) Current Statistics
The current price: $687.75
Market Capitalization: $14,328,973,349
Trading Volume: $5,590,542,241
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis February 22, 2021
The bulls have failed to break the $725 high. Now the bears are in control as they attempt to break the $680 support level. The bottom line is if price falls and breaks below the $680 support, the selling pressure will resume. BCH/USD will further decline to $550 low if the current support cracks. However, Since February 14, the Support has not been broken. If the support holds the uptrend will resume. Also, a possible retest of the $750 resistance is likely.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH’s price has partially broken the $680 support. If price breaks and closes below the support line of the ascending channel, the downtrend will resume.BCH is below the 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum.

BCH/USD – 3 Hour Chart

Conclusion
BCH is currently falling after $680 support was broken. On February 20 downtrend, a retraced candle body tested 38.2% Fibonacci retracement level. The retracement implies that BCH will fall to level 2.618 Fibonacci extension or the low of $438.57

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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.