Bitcoin Cash (BCH) Reaches Overbought Region, Downtrend Likely

Azeez Mustapha
6 September 2021 | Updated: 6 September 2021

Key Highlights
BCH faces rejection the high of $804
BCH/USD reaches overbought region

Bitcoin Cash (BCH) Current Statistics
The current price: $768.10
Market Capitalization: $16,113,509,748
Trading Volume: $3,921,302,408
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis September 6, 2021
On September 5, Bitcoin Cash (BCH) broke above the $715 resistance and rallied to $804. The altcoin has risen to the overbought region of the market. Bitcoin Cash has limited room to rally as the crypto reaches the overbought region. Today, BCH is falling as the coin reaches the high of $804. On the downside, the altcoin may retrace to the low of $740. The uptrend may resume if the $740 support holds. Otherwise, the selling pressure will reach the low of $700 low. The bullish scenario is that if the uptrend continues, the market will rally above $905.35. As indicated by the Fibonacci tool. However, the current price action will take effect.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The altcoin is at level 70 of the Relative Strength Index period 14. It indicates that the crypto is in the overbought region of the market. The presence of sellers will be attracted in the overbought region. Meanwhile, the cryptos’ price is above the moving averages. The 21-day and 50-day SMAs are pointing northward indicating the uptrend.

Conclusion
BCH is in a downward move. This is because the market has reached the overbought region. The altcoin is facing rejection at the $804 high. Meanwhile, BCH has fallen to the low of $754 and pulled back. Further downsides are possible if the bears break the current support at $754.

BCH/USD – 4 Hour Chart

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Azeez Mustapha

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.