Bitcoin Cash (BCH) Price Analysis: BCH rebounds above $370 support as bulls face rejection at recent high

Key Highlights
BCH drops to the low of $370 and rebounded
Bitcoin Cash is likely to resume upside momentum if the current support holds

Bitcoin Cash (BCH) Current Statistics
The current price: $389.41
Market Capitalization: $8,178,060,983
Trading Volume: $6,672,163,220
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis January 28, 2021
Today, Bitcoin Cash is rebounding above the $370 support. The upward movement will continue if the momentum is sustained. Meanwhile, the upward move is facing rejection at the $400 high. If the bulls fail to break the current resistance at $400, BCH will continue its downward move. The downtrend has been ongoing since January 11.

In the recent breakdown, BCH was repelled at $460 resistance as the coin fell to $370 low. Before the rejection, the altcoin has been fluctuating between $430 and $470. The bears have the upper hand as the coin was repelled at the $460 high. Today, the buyers are struggling to break the current resistance at $400. A retest is possible at $540 if the current resistance is breached.

Bitcoin Cash Technical Indicators Reading
The bears have broken below the SMAs as bulls attempt to pullback. BCH has fallen into the bullish trend zone which makes it prone to further decline. The coin is at level 43 of the Relative Strength Index period 14. BCH is still in the downtrend zone and is capable of falling.

Conclusion
BCH is still falling and in a downward move. Meanwhile, on January 21 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 $342.09 and reverse. BCH will reverse to 78.6% Fibonacci retracement level where it originated.


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