Bitcoin Cash (BCH) was earlier in a downward correction after reaching the $773 high. The price has retraced and found support above $680.
For the past two days, BCH has been consolidating above the $680 low. Today, February 17, 2021, the bulls are attempting to break the $725 high but are facing resistance. If the price falls and breaks below the $680 support, the selling pressure will resume. BCH will further decline to $550 low if the current support cracks. Now, the upward move is facing some resistance at the recent high. If the bulls overcome the current resistance, a retest of the $750 resistance is likely. Meanwhile, BCH is trading at $721.62 at the time of writing.
BCH has risen to level 75 of the Relative Strength index period 14. It indicates that the price is now in the overbought region of the market. It indicates that BCH is not likely to rise as sellers may emerge in the overbought region of the market. BCH is below the 50% range of the daily stochastic. This indicates that the market has bearish momentum.
Major Resistance Levels – $750 and $800
Major Support Levels – $450 and $400
BCH is still struggling in a downward correction. The upward move will resume if the current support at $680 holds. On February 14 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 1.618 Fibonacci extensions. In other words, BCH will rise to a high of $883.27.
Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.