Bitcoin Cash (BCH) Upward Move Is Stalled at $540 Resistance

5 July 2021 | Updated: 5 July 2021

Key Highlights
BCH has fallen to $387 low
BCH battles resistance at level $540

Bitcoin Cash (BCH) Current Statistics
The current price: $494.93
Market Capitalization: $10,394,679,319
Trading Volume: $10,394,679,319
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis July 5, 2021
Since June 23, Bitcoin Cash (BCH) has been making upward moves. For the past week, BCH has risen from the low of $387 to a high of $540. The upward move has been repelled at the resistance of $540. Buyers could not penetrate the recent high as BCH retraces after the second rejection. The market will continue its rise if the bulls break the resistance at $540. Meanwhile, on June 29 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 or level $619.06.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH has risen to level 42 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 20% range of the daily stochastic. BCH has fallen to an oversold region.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash is rising on the upside. The crypto’s price is consolidating above the $430 support. Meanwhile, on July 3 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 or level $ 538.33. From the price action, BCH has retested the 1.618 Fibonacci extensions and fallen to the $489 low.


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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.