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BCH retested $560 low and resumed upward move
The altcoin is in a downward correction
Bitcoin Cash (BCH) Current Statistics
The current price: $629.02
Market Capitalization: $13,210,849,033
Trading Volume: $1,500,840,541
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210
Bitcoin Cash (BCH) Price Analysis June 14, 2021
Bitcoin Cash (BCH) is in a downward move. Since May 27, BCH has been falling from the high of $807. The crypto fell to $560 low, retested it, and resumed upward move. The uptrend is facing resistance at the $640 high. Buyers have an uphill task to push the altcoin on the upside. The bulls have to sustain BCH price above the $850 high to be out of the downward correction.
Bitcoin Cash Technical Indicators Reading
The crypto’s price is retesting the resistance line of the descending channel. If price breaks and closes above the resistance line, the market is expected to rise on the upside. The coin has fallen to level 42 of the Relative Strength Index period 14. The crypto’s price is below the 21-day and 50-day SMAs which suggests that the altcoin is in the bearish trend zone. The crypto tends to fall.
Conclusion
Bitcoin Cash has been in a downward move after rejection from the high of $807. On May 28 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 $559.40. The crypto fell and retested 1.618 Fibonacci extension and resumed upward.
Source: https://learn2.trade
