Bitcoin Cash (BCH) Price Analysis: BCH Resumes Uptrend After A Minor Retracement

Bitcoin Cash (BCH) Price Analysis: BCH Resumes Uptrend After A Minor Retracement

Key Highlights ``
BCH is in an uptrend, rallies to $1,117 high
The altcoin has resumed another uptrend to break the previous high

Bitcoin Cash (BCH) Current Statistics
The current price: $998.48
Market Capitalization: $20,945,328,055
Trading Volume: $9,782,637,564
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis April 19, 2021
Bitcoin Cash is in an uptrend but rallied to $1,117.11 high. The resistance compelled BCH to retrace to $990 low and resumed a range-bound movement. Meanwhile, on April 17 uptrend, a 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 $1,584.92. From the price action, BCH has resumed a fresh uptrend after a retracement.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH has fallen from level 85 to level 72 of the Relative Strength Index period 14. This indicates that the coin is still in the overbought region of the market. The crypto’s price is above the 21-day SMA and 50-day SMA which suggest a possible rise in price.

BCH/USD – 1 Hour Chart

Conclusion
On the 1- hour chart, Bitcoin Cash is facing rejection at $1,040. BCH price is fluctuating below the resistance zone. Meanwhile, BCH is in a bullish momentum. On April 18 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that BCH will rise to level 1.618 Fibonacci extension or the high of $1,252.56.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.