Bitcoin Cash (BCH) Price Analysis: BCH Consolidates Above $400 after Recent Rally

Key Highlights
BCH has risen to a high of $480 but was repelled
The coin is fluctuating above the $440 price level

Bitcoin Cash (BCH) Current Statistics
The current price: $440.37
Market Capitalization: $9,170,086,500
Trading Volume: $8,131,869,629
Major supply zones: $400, $420, $440
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis January 8, 2021
Bitcoin Cash has broken above the current price as the coin reached a high of $480. The selling pressure at the recent high repelled the coin. On January 4, the bulls could not break above the $460 resistance. However, on January 7, buyers made two attempts at the resistance and broke above it. The selling pressure at the $480 resistance pushed the coin below $460 support. On the upside, if the bulls break the resistance and the price is sustained, BCH will rally above $500.

Bitcoin Cash Technical Indicators Reading
Bitcoin Cash is at level 70 of the Relative Strength Index period 14. It indicates that the coin has reached the overbought region of the market. The upward move is doubtful. Presently, the BCH is below the 80% range of the daily stochastic. It indicates that the crypto is in a bearish momentum.

Conclusion
There is a likelihood of a further upward movement of the coin. On January 4 uptrend; the retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that BCH is likely to rise and reach level 2.0 Fibonacci extension and reverse. That is the coin will rise to a high of $599.86.


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