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Bitcoin Cash (BCH) Slumps as Bears Attempt to Sink BCH to $450 Low

Azeez Mustapha
Updated 1 min read
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Key Highlights
BCH drops to $530 low, show signs of further decline
BCH/USD targets the previous low of $450

Bitcoin Cash (BCH) Current Statistics
The current price: $548.88
Market Capitalization: $11,536,191,524
Trading Volume: $6,203,866,980
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis September 20, 2021
Bitcoin Cash’s (BCH) price has fallen to the low of $530 as price breaks below the moving averages. This indicates that BCH is likely to further decline on the downside. The crypto has fallen but it is retesting the previous low of July 31. If price breaks below the $530 support, BCH will further decline to the low of $382.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH price is below the 21-day and 50-day SMAs which suggests the crypto is in the bearish trend zone. The altcoin is capable of falling on the downside. It is also at level 35 of the Relative Strength Index period 14. The coin is in the downtrend zone and approaching the oversold region The crypto is below the 20% range of the daily stochastic. BCH has reached the oversold region. Buyers are likely to emerge.

Conclusion
On the 4 – hour chart, BCH has been in a range-bound move for two weeks. The bears have broken below the previous low of $582 and resumed downward. Meanwhile, on September 7 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 $448.68.

BCH/USD – 4 Hour Chart

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