Bitcoin Cash (BCH) Price Analysis: BCH Slumps Below Previous Price Range, Resumes Fresh Uptrend

Bitcoin Cash (BCH) Price Analysis: BCH Slumps Below Previous Price Range, Resumes Fresh Uptrend

Key Highlights
On March 24, Bitcoin Cash plunged to $442 low
The altcoin has recovered and it is trading above $500


Bitcoin Cash (BCH) Current Statistics
The current price: $506.42
Market Capitalization: $10,634,848,082
Trading Volume: $1,974,743,222
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis March 29, 2021
Bitcoin Cash is recovering after its recent fall to $442 low on March 24. The bulls bought the dips as price corrected upward. The market is expected to rise to the previous range-bound zone. In the previous price action, BCH was range-bound for a week between $510 and $550 before the eventual breakdown. The bulls are expected to retest the $550 resistance if the bullish momentum is sustained. The altcoin will resume an uptrend if the $550 resistance is breached. Otherwise, the price will continue to fluctuate between the range-bound zone.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The 21-day and 50-day SMAs are sloping horizontally indicating the range-bound movement of price. The crypto’s price is below the moving averages which indicates that BCH is in the bearish trend zone. The market will tend to rise if the crypto’s price is above the SMAs.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash price is correcting upward after its breakdown. The Fibonacci tool has earlier indicated a downward movement of price. On March 15 downtrend, BCH dropped to $522 low but price corrected upward. The 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 $437.08. From the price action, the market has reversed at level $442.79 as BCH resumed upward. The bearish trend will be terminated if the bullish momentum is sustained.

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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.