Bitcoin Cash (BCH) Price Analysis: BCH Struggles below $600 Resistance, Faces Further Rejection on the Downside

Bitcoin Cash (BCH) Price Analysis: BCH Struggles below $600 Resistance, Faces Further Rejection on the Downside

Key Highlights “

BCH will rally to $700 if the $600 overhead resistance is breached
The altcoin will be compelled to a range-bound move if the overhead resistance remains unbroken

Bitcoin Cash (BCH) Current Statistics
The current price: $568.79
Market Capitalization:  $11,954,875,787
Trading Volume: $2,811,204,793
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis April 5, 2021
For the past week, the bulls have broken the $550 resistance as price reached the previous highs. Before now Bitcoin Cash has been range-bound between $510 and $550. In the first breakout, the uptrend was stopped at the $600 resistance. BCH was repelled as the coin plunged back to the range-bound zone. Yesterday, the bulls bought the dips as the altcoin resumed a fresh uptrend. Today, BCH is rising but it is facing resistance at $580 high. On the upside, if the bulls break the $600 high a rally to $700 is likely. However, if the bulls fail to break the $600 resistance, BCH will continue to be range-bound between $510 and $600.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The crypto’s price is still above the SMAs which indicates a possible rise of the coin. BCH is below the 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum. This is contrary to the price action. However, it is at level 57 of the Relative Strength Index period 14. It indicates that the crypto is in the uptrend zone and above centerline 50.

BCH/USD – Daily Chart

Conclusion
As bulls break the $550 resistance, the market is expected to rise. On April 2 uptrend, BCH reached the $597.86 and was resisted. A retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH will rise to level 1.618 Fibonacci extension or the high of $691.38.

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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.