- Major price difference is observed in the Bitcoin cash price analysis today.
- Price levels dropped down to a critical $642.48.
- General analysis shows that bulls are taking the lead.
The Bitcoin cash price analysis is on the bullish side today after a major decline occurred in the previous week. Cryptocurrency has managed to overcome the huge loss and climb up the price levels to retouch $642.5. The general response from the buyers has been encouraging, which is why the price levels managed to stay above the $628.12 support. Nonetheless, the trends today have been largely bearish, with a slight rise in price happening in the current hour.
Bitcoin cash price analysis: BCH resurges in search for recovery above $642
The candlestick chart showing 1-day BCH/USD price analysis is going smoothly towards a restoration of the coin value. The last week experienced unfavorable circumstances and a considerable fall in the price levels. Yet, today’s trend has been surprising as price levels continue to move towards the resistance at $703.82. The moving average (MA) has been $647.26, and there is still time for the current price levels to go above this mean value. With the sudden uprise in the price, the Relative Strength Index (RSI) also balanced itself at the value of 60.92, which is quite impressive for the bulls.
The SMA 20 is going higher, and the volatility is also increasing for the 1-day chart, indicating that the bullish momentum will further intensify. The Bollinger bands are also showing us the following values; the upper band is present at $703.82, while the lower band is present at $487.8. There is a chance that the difference between these values will increase in the future.
BCH/USD 4-hours chart: green candlestick advances on charts creating bullish curve
The 4-hours price chart showing price movement for BCH/USD is displaying promising signs for the bulls. Although the past few hours have proved fatal for bitcoin cash, yet the hourly trend is much different. Bullish momentum is securing its place on the chart, with the price expected to cross $642.5. The end of the day experienced the SMA 50 crossing SMA 20, resulting in a groundbreaking drop in price levels. But, it is expected that the cryptocurrency will soon touch the moving average at $642.48 if the current trend follows.
The RSI curve also took a turn and starting an upward movement, with the score reaching 41.89. The Bollinger bands also seem to be expanding, with the upper value climbing to $721.4 and the lower one to $628.12.
The basic trend during the past week and today have been bullish; hence the indicators are towards the bullish side. The technical indicators chart is depicting a bullish momentum, with ten indicators maintaining neutrality, 14 indicators on buy, and the remaining two on sell signals. The moving averages are no different, with a strong inclination towards the buying side. There are 12 indicators on the buying position, one on the neutral one and two on the selling position.
From the oscillators, we can also detect the pressure from the buyers’ side, with two indicators existing at buy signal, nine as neutral, while absolutely no indicator is present at selling position.
Bitcoin cash price analysis conclusion
From the above Bitcoin cash price analysis, we can say in the past week; the price levels have experienced instability at various points. Yet, the BCH/USD gained strength against the bearish momentum and succeeded in regaining the value at $642.48. If the current support levels at $628.18 are maintained, then there is a great chance that cryptocurrency may achieve a new high above $721.47 in the future.
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