Bitcoin Cash (BCH) Slumps above $500 Support, Resumes Consolidation above It

Azeez Mustapha
24 May 2021 | Updated: 24 May 2021

Key Highlights
Bitcoin Cash is fluctuating above $500
BCH is reaching bearish exhaustion

Bitcoin Cash (BCH) Current Statistics
The current price: $620.71
Market Capitalization: $13,050,296,132
Trading Volume: $13,050,296,132
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis May 24, 2021
Bitcoin Cash fell and hovered above the $500 support. This recent fall was a rejection from the high of $850. It is the support of the last bearish impulse where the price is hovering. On the downside, if price breaks below $500 support, the selling pressure is likely to resume. Otherwise, the uptrend will resume. Meanwhile, on May 19 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 $123.11.

BCH – Daily Chart

Bitcoin Cash Technical Indicators Reading
The altcoin has fallen to level 37 of the Relative Strength Index period 14. This indicates that BCH is approaching the oversold region of the market. The 21-day and 50-day SMA are sloping upward indicating the previous uptrend. The moving averages are pointing downward indicating the downtrend.

BCH – 4 Hour Chart

Conclusion
Bitcoin Cash is correcting upward after testing the support at level $500. The current upward move is facing resistance at the recent high. If it retraces and breaks this current support, it implies that the selling pressure will resume. On May 19 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 $267.66.


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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.