Bitcoin Cash (BCH) Resumes Selling Pressure as It Faces Rejection at $550

12 July 2021 | Updated: 12 July 2021

Key Highlights
BCH corrected upwards to $550 high
The crypto may resume downtrend

Bitcoin Cash (BCH) Current Statistics
The current price: $488.47
Market Capitalization: $10,260,627,186
Trading Volume: $10,260,627,186
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis July 12, 2021
For the past two weeks, Bitcoin Cash (BCH) has been in a sideways trend below the $550 resistance. On June 22, BCH plunged to $387 low as bulls bought the dips. The upward correction was terminated at the $550 high. The altcoin will fall if the bulls fail to break the recent high. Meanwhile, on June 8 uptrend; a retraced candle body tested the 50 % Fibonacci retracement level. The retracement indicates that BCH will rise to level 2.0 Fibonacci extension or level $353.50.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
The crypto has fallen to level 41 of the Relative Strength Index period 14. It indicates the market is still in the downtrend zone and below the centerline line 50. The altcoin is capable of falling in the bearish trend zone. Also, the altcoin is below the 50% range of the daily stochastic. BCH is in a bearish momentum.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash is expected to fall. Since June 29, BCH has been in a sideways trend unable to break the $550 resistance. Meanwhile, on June 30 downtrend; a retraced candle body tested the 50 % Fibonacci retracement level. The retracement indicates that BCH will fall to level 2.0 Fibonacci extension or level $ 453.22. From the price action, BCH is falling but has reached the low of $488.

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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.