- Bitcoin Cash price is expected to break above $600
- The closest support level lies at $580
- BCH faces resistance at $600 and further above at the $620 mark
The Bitcoin Cash price found strong support at the $400 price level which enabled the buyers to initiate a bull rally to the current $600 price level. While the bulls show clear market dominance, the price action still finds strong resistance at the $600 level which needs a breakthrough before BCH can stabilize at the level.
The broader cryptocurrency market observes a bullish market sentiment across the last 24-hours as most major assets record a positive price action across the period. Major players include Cardano and Binance Coin recording a 7.95 and a 6.93 percent incline respectively.
Technical indicators for BCH/USDT: Bears dominate the markets
Across the technical indicators, the MACD exhibited a bullish reversal yesterday as the price action found support at the $580 level. Since then, the indicator has remained green but shows low momentum from the buyers as the histogram’s size remains low. Among the two EMAs, the 12-EMA has again started to diverge from the 26-EMA showing an increasing buyer activity for the Bitcoin Cash price. The 26-EMA is trailing behind the 12-EMA as both EMAs continue rising steadily.
The RSI is neutral at press time and trading just below the 70.00 level with a positive gradient. The indicator’s high position shows strong bullish presence at the current price level while its positive gradient suggests high buyer activity at press time. The bulls have dominated the Bitcoin Cash price action for the last 20 days as the charts observed a rise from the $400 mark to the current $580 level.
The Bollinger Bands are currently narrow but show expansion as the Bitcoin Cash price action attempts a breakthrough beyond the $600 mark. However, the level presents strong resistance to the bulls and has rejected the price action yesterday.
Overall, the 4-hour technical analysis issues a buy signal showing bullish dominance at the current price level. The analysis shows 16 of the 26 major technical indicators in support of an upwards movement for the Bitcoin Cash price. On the other hand, none of the indicators show issue a sell signal suggesting a lack or bearish presence at the current level. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals supporting either side of the market.
The 24-hour technical analysis shares this sentiment, also issuing a buy signal showing a positive outlook for the Bitcoin Cash price action across the mid-term charts. The analysis shows 14 indicators suggesting further upwards movement for the Bitcoin Cash price action against only three indicators suggest a downward price movement. Meanwhile, nine indicators remain neutral at the time of writing.
What to expect from the Bitcoin Cash price?
Traders should expect Bitcoin Cash price to continue its upwards movement as the bulls breach the $600 price by tomorrow morning. The short-term technical indicators and the mid-term technical analyses are also positive suggesting further bullish dominance over the Bitcoin Cash price action across the daily frames.