Bitcoin Cash (BCH) Price Analysis: BCH Makes a Retest at the $540 Resistance, Upward Move Unlikely

Key Highlights
BCH dropped to $470 low after failing to break the $540 resistance
A rally above $640 is possible if bulls break the $540 resistance

Bitcoin Cash (BCH) Current Statistics
The current price: $525.62
Market Capitalization: $11,094,688,029
Trading Volume: $6,870,469,903
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis February 11, 2021
Yesterday, the bulls failed to break the $540 resistance as price fell to $470 low. The bulls buy the dips as the altcoin resumed a fresh uptrend. Today, the $540 resistance is at the point of being broken. On the upside, if the resistance is broken, BCH/USD will retest the $640 overhead resistance. The altcoin will fall to $450 low and if the price breaks below the SMAs, BCH will fall again to $370 low.

Bitcoin Cash Technical Indicators Reading
The daily stochastic is above 80% range as price approaches the $540 resistance level. Nonetheless, if sellers emerge at the overbought region, the current resistance may not be broken. Consequently, the coin will fall to the previous low.

Conclusion
The Fibonacci tool has indicated an upward movement of the coin. On February 9 uptrend; a 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 rise to level $557.91. However, the bullish momentum will extend to the $640 overhead resistance.


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