Bitcoin Cash (BCH) Price Analysis: BCH Faces Rejection at $481 Resistance, a Drop to $326 Low Likely

Bitcoin Cash (BCH) Price Analysis: BCH Faces Rejection at $481 Resistance, a Drop to $326 Low Likely

Key Highlights
BCH price breaks the previous price range of $400 and $440
BCH reached a high of $632 but pulled back

Bitcoin Cash (BCH) Current Statistics
The current price: $469.53
Market Capitalization: $9,879,773,209
Trading Volume: $15,145,201,500
Major supply zones: $400, $420, $440
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis January 11, 2021
The altcoin rallied to $640 high but faced rejection at the recent high. BCH corrected and fell back to the range-bound zone. The retracement canceled out the recent rally on January 9. Today BCH has resumed a fresh uptrend to retest the $632 high. On the upside, if the bulls can push the price to $500, the upside momentum will resume. The coin will have the opportunity of retesting the $640 resistance. However, if the bulls fail to break into the previous highs the coin will be range-bound above the $440 support level.

BCH/USD – Daily Chart

Cash Technical Indicators Reading
BCH price broke the resistance line but fell back into the ascending channel. However, if price breaks and closes above the resistance, BCT will resume an upward move. Bitcoin Cash has fallen to level 58 of the Relative Strength index period 14. It indicates that the coin is in the uptrend zone.

BCH/USD – 4 Hour Chart

Conclusion
BCH is presently on a downward move. The Fibonacci tool has indicated a downward movement of the coin. On January 11 downtrend; the retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BCH is likely to fall to level 1.272 Fibonacci extensions. That is the coin will reach the low of $326.50.


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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.