Bitcoin Cash (BCH) Slumps After Retesting $1,600 Resistance, an Upward Move Unlikely

Bitcoin Cash (BCH) Slumps After Retesting $1,600 Resistance, an Upward Move Unlikely

Key Highlights ``
BCH struggles to break above $1,000 resistance
The altcoin has a target price of $1,966 high

Bitcoin Cash (BCH) Current Statistics
The current price: $1,427.16
Market Capitalization: $30,075,515,477
Trading Volume: $30,075,515,477
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis May 10, 2021
BCH price has rallied to retest the $1,600 resistance and pulled back. The bulls could not breach the recent high. In the previous price action, BCH fell to $1,300 low after retesting the resistance level. On May 5 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 level. That is, the high of $2,031.35. Nonetheless, if the bulls break the $1,600 resistance, the market will rally to a $2,000 high. On the other hand, if the bears break the current support at $1,200, BCH will decline to either $1,000 or $800.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is already at level 69 of the Relative Strength Index period 14. The market has reached the overbought region of the market. BCH is likely to fall on the downside if sellers emerge. The 21-day and 50-day SMA are sloping upward.

BCH/USD – 4 Hour Chart

Conclusion
BCH/USD price has been stalled at $1,600. On the 4 –hour chart, the altcoin price is in a sideways move. BCH price is falling after retesting the resistance twice. On May 5 uptrend, a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that BCH will rise to level 1.272. On May 6, BCH has tested the 1.272 Fibonacci extension and reversed it.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.