Bitcoin Cash (BCH) Price Analysis: BCH Is in a Fresh Rally, Struggles To Sustain Above $540 High

19 January 2021 | Updated: 19 January 2021

Key Highlights
BCH ranges between $430 and $540
A rally above $632 is likely if the bulls break the $540 resistance

Bitcoin Cash (BCH) Current Statistics
The current price: $516.25
Market Capitalization: $10,876,620,939
Trading Volume: $5,036,776,716
Major supply zones: $400, $420, $440
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis January 19, 2021
Bitcoin Cash has been in a range-bound move between $430 and $540 after the recent breakdown on January 11. Today, the price is still fluctuating as it approaches the high of $540. If the bulls break the resistance at $540, a rally above the overhead resistance is likely. The coin is likely to resume the upside momentum conversely if the bulls fail to break the current resistance, the range-bound movement will continue.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is at level 60 of the Relative of the Relative Strength period 14. The coin is in the uptrend zone and is capable of rallying on the upside. The price bars are above the trend line. The uptrend will continue as long as the trend line remains unbroken.

BCH/USD – Daily Chart

Conclusion
BCH is likely to resume upside momentum, once the resistance at $540 is breached. The Fibonacci tool analysis will also hold. On January 10 uptrend; the retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 2.0 Fibonacci extension. That is, BCH will rise to a high of $1,044.57.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.