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Key Highlights ``
BCH rallied to $715 high but faces rejection at the recent high
There is the possibility of further downward movement
Bitcoin Cash (BCH) Current Statistics
The current price: $693.12
Market Capitalization: $14,546,905,387
Trading Volume: $3,288,253,668
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210
Bitcoin Cash (BCH) Price Analysis April 12, 2021
Bitcoin Cash is in an uptrend. Recently, BCH rose to $715 high and was resisted. The market is retracing to the support of the previous resistance level. Meanwhile, on April 7, retraced candle body tested the 61.8% Fibonacci retracement level. The retracement gives the impression that BCH will rise to level 1.618 Fibonacci extension or the high of $813.77.
Bitcoin Cash Technical Indicators Reading
BCH is at level 65 of the Relative Strength Index period 14. This implies that the coin is approaching the overbought region of the market. It may have insufficient room to rally on the upside. BCH has a bullish crossover. That is the 21-day SMA crosses above 50-day SMA which is a bullish signal.
Conclusion
Bitcoin Cash is facing rejection at $715 as the altcoin fell to $669 low. There is the possibility of further downward movement of price. On April 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH will fall to level 1.618 Fibonacci extension or the low of $642.17.
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