Bitcoin Cash (BCH) Price Analysis: BCH Fluctuates in a Tight Range, Breaks the Lower Price Range at $470

Bitcoin Cash (BCH) Price Analysis: BCH Fluctuates in a Tight Range, Breaks the Lower Price Range at $470

Key Highlights
BCH has fallen but hovers above $470 support
BCH price is attempting to break the tight range between $470 and $540

Bitcoin Cash (BCH) Current Statistics
The current price: $476.71
Market Capitalization: $10,107,810,200
Trading Volume: $5,785,916,447
Major supply zones: $400, $420, $440
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis January 21, 2021
Today, Bitcoin Cash has fallen to the low of $479 from the recent high of $550. For the past week, Bitcoin Cash has been fluctuating between $430 and $540. Presently, it is trading in a tight range between $470 and $540. The lower and upper price range has been tested for the past week as the coin continues its range-bound movement.

On the downside, if the bears break the $470 support, the coin will drop to $430 low. However, if the selling pressure persists, the coin will reach a low of $360. Conversely, if the bulls break the $540 resistance, BCH will rally above $654 resistance. The crypto will continue to rise to the next target price of $833.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH has fallen to level 54 of the Relative of the Relative Strength period 14. The coin is still in the uptrend zone and above the centerline 50. The crypto’s price is breaking below the trend line. If it breaks and closes below the trend line, a change in the trend will occur.

BCH/USD – Daily Chart

Conclusion
BCH is falling to retest the lower price range at $470 support. The crypto will resume an upward move if the current support holds. Perhaps, if the current resistance is breached, Fibonacci tool analyses hold. Meanwhile, 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 extensions. That is, BCH will rise to a high of $1,043.30.


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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.