Bitcoin Cash (BCH) Reaches Bearish Exhaustion, Resumes up Trending

Share On Facebook
share on Linkedin
Print

BCH retested $560 low and resumed upward move
The altcoin is in a downward correction

©
Key Highlights

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.


BCH/USD – Daily Chart

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.


BCH/USD – 4 Hour Chart

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

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20210728 21:45:47