Bitcoin Cash (BCH) Price Analysis: BCH Struggles Above $560 Support, May Resume Upward Move

Bitcoin Cash (BCH) Price Analysis: BCH Struggles Above $560 Support, May Resume Upward Move

Key Highlights ``
Bitcoin Cash breaks above the $560 resistance level
Sellers push price back to the range-bound zone

Bitcoin Cash (BCH) Current Statistics
The current price: $556.26
Market Capitalization: $11,633,931,670
Trading Volume: $3,661,006,972
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis March 15, 2021
On March 13, BCH rebounded above the $520 support as bulls broke the $560 resistance level. Buyers pushed the crypto to the $600 high but the selling pressure overruled the bullish momentum. The bears pushed the price back to the $560 support. However, if the bears break the $560 support, BCH will fall into the range-bound zone. The coin will resume its range-bound move between $440 and $560.On the other hand, if the $560 support holds, the upward move will resume.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is now at level 52 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50. The crypto has enough room to rally on the upside. The crypto’s price is above the 21-day and 50-day SMAs which indicates a possible rise of the coin.

BCH/USD – Daily Chart

Conclusion
Bitcoin Cash bulls have broken above the $560 resistance but the bullish momentum could not be sustained. There is a possibility of a further upward move. On March 13 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 1.618 Fibonacci extension or the high of $689.96.

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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.