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

11 February 2021 | Updated: 11 February 2021

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.

BCH/USD – Daily Chart

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.

BCH/USD – 4 Hour Chart

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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Azeez Mustapha

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.