Bitcoin Cash Price Analysis: Bitcoin Cash targeting breakout at $600 and bullish conquest to 20-day EMA at $662

Bitcoin cash

TL;DR Breakdown

  • The coin broke below the first major support at $590 in the morning; Asian session
  • Bitcoin cash has its RSI has already shifted into the overbought region
  • The negative signal is a downward trendline to $538  and $550.

Bitcoin cash price analysis: General price overview

Bitcoin cash formed an uptrend at the close of yesterday’s daily chart which met rejection at today’s daily chart opening price. The coin broke below the first major support at $590 and bottomed at a higher low of $583.Furthermore, the Bollinger bands are contracting on the 4-hour chart, and BCH price has already cut below the lower band at $590. This comes to a while after the price of Bitcoin Cash spiked an uptrend from the $583 low to $593. 

A point at which the coin touched the upper band (or the moving average) at $594.  Since then, the bands have been contracting to suggest declining volatility across the market. Nevertheless, there are positive signs of expansion on the 1-hour chart but this will be confirmed by a break above the lower and the middle line – into the moving average. 

Bitcoin Cash price movement in the last 24-hours: Bearish MACD 

The bulls are attempting to break out of the downtrend that begun at $640 on the 5-day chart after the bears initiated a pulldown from the 20-day exponential moving average at $662. This pullback managed to break psychological support at $600 and activate the $585 – $595 price level. However, the bulls acted first to defend the $580 mark. This price mark is an important level to look out for in case the bears suppress the coin, and thereby activate a stronger pullback. 

Bitcoin cash opened the daily chart at a price of $597 and a few minutes later set the intraday high at $599. There was strong rejection at $600, which probably led to a downward correction from the intraday high to the intraday low of $583. The daily range is pretty moderate which indicates moderately distributed volatility. Bitcoin cash has its RSI has already shifted into the overbought region on the 1-hour chart at 32. Otherwise, the MACD seems bearish after indicating a downtrend below the baseline. Nonetheless, most of BCH’s indicators are positive and the traders’ outlook is generally bullish. 

Bitcoin cash
Source: TradingView

Bitcoin cash 4-hour price chart: Look out for the bullish 200-day SMA

At the time of writing, Bitcoin Cash (BCH) is trading at $588. The RSI has been shifting between the neutral zone and the overbought region throughout the 4-hour chart. Besides, the Bollinger bands are expanding after the price began showing signs of breaking above the middle line. This suggests signs of an uptrend in the near term to the 200-day simple moving average at $603. 

Bitcoin cash price analysis conclusion: Next target is the 20-day EMA

Breaking below the current price level and crashing support at $580 is likely to invite the bears towards a downward trendline to $538 – $550. The bulls are hoping to thrust above $599 and $600, which will bring them closer to their next target at the 20-day EMA at $662. If this happens, Bitcoin cash price action might keep rising to $864.28.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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