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

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.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

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.