Bitcoin Cash (BCH) Rebounds above $500 Support, Resumes up Trending

31 May 2021 | Updated: 31 May 2021

Key Highlights
BCH recovers from a downtrend above $467
The altcoin resumes a fresh uptrend

Bitcoin Cash (BCH) Current Statistics
The current price: $696.72
Market Capitalization: $14,604,040,003
Trading Volume: $14,604,040,003
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis May 31, 2021
On May 23, Bitcoin Cash fell to the low $467 as bulls bought the dips. The altcoin has recovered from its downtrend but the upward move is stalled at the $800 high. Since May 24, BCH has been compelled to a sideways move below the $800 resistance. On the upside, if the bulls break the resistance at 800, the coin will rally to $1,000 high. Presently, BCH is rising to retest the resistance at $800 high.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The coin has risen to level 42 of the Relative Strength Index period 14. The crypto is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

BCH/USD -4 Hour Chart

Conclusion
Bitcoin Cash has recovered from the bear market. The uptrend is facing a major resistance at $800 high. Meanwhile, On May 24 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that BCH will rise to level 1.618 Fibonacci extension or level $973. 54


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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.