Bitcoin Cash (BCH) Resumes Selling Pressure, Targets $387.33 Low

Key Highlights
BCH declines to previous low
The coin may resume the downtrend

Bitcoin Cash (BCH) Current Statistics
The current price: $416.76
Market Capitalization: $8,774,242,380
Trading Volume: $1,212,221,868
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis July 19, 2021
Bitcoin Cash (BCH) is falling after facing rejection from the $540 high. BCH’s price is approaching the previous low at $387. The selling pressure is likely to be accelerated if the bears break the previous low at $387.On the downside, BCH has fallen to $417 low. The crypto will depreciate further if it breaks below the previous low at $387. Meanwhile, on June 22 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that BCH will fall to level 1.618 Fibonacci extension or level $ 216.36. From the price action, BCH is falling but has reached the low of $488.

Bitcoin Cash Technical Indicators Reading
The crypto has fallen to level 30 of the Relative Strength Index period 14. It indicates the market has fallen to the oversold region of the market. It also implies the selling pressure is likely to subside as buyers emerge in the oversold region Also, the altcoin is below the 20% range of the daily stochastic. BCH is confirmed to be in the oversold region.

Conclusion
Bitcoin Cash is in a downward move. BCH price is approaching to break below the previous low. Meanwhile, on July 9 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 $ 401.45. From the price action, BCH is falling but has reached a low of $417.61.

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