Bitcoin Cash (BCH) Price Analysis: BCH Rebounds, Unable to Push Above the $540 Resistance

Bitcoin Cash (BCH) Price Analysis: BCH Rebounds, Unable to Push Above the $540 Resistance

Key Highlights
BCH bulls break the $480 resistance, approaches the $540 high
The altcoin may fall into the range-bound zone if the bulls fail to break above $540

Bitcoin Cash (BCH) Current Statistics
The current price: $493.95
Market Capitalization: $10,372,958,208
Trading Volume: $7,177,132,700
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis February 9, 2021
Bitcoin Cash resumes upward move as bulls break the $440 and $480 resistance. The price is approaching the $540 resistance to retest or break above it. A break above the $540 resistance will accelerate price movement on the upside. However, in the previous price action, on January 14, the bulls failed to push BCH above the resistance level. Consequently, the altcoin dropped to $369 low on January 27. Today’s attempt at the $540 resistance will determine whether the coin will commence the resumption of upside momentum.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The cryptocurrency is at level 72 of the Relative Strength Index. It indicates that the market has reached the overbought region. The upward price movement is doubtful as sellers are likely to emerge to push prices down. The coin is above the 80% range of the daily stochastic. It indicates that the coin is in a bullish momentum and has reached the overbought region.

BCH/USD – 1 Hour Chart

Conclusion
BCH has resumed an upward move. On February 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 1.272 Fibonacci extensions and reverse. That is, BCH will reverse at a high of $509.76.



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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.