Bitcoin Cash Price Analysis: Bullish BCH uptrend could gain momentum and close above $700
TL;DR Breakdown
- Bitcoin Cash price analysis is bullish for today.,
- BCH/USD traded between a high-volatility daily range on the 24 hours chart
- On the 4-hour Bitcoin Cash price analysis, BCH/USD is breaking out of the $670 minor barrier
Bitcoin Cash price analysis is bullish for today as the market has established another higher low yesterday and currently builds momentum for a spike above $650. Therefore, we expect BCH/USD to rally to the next resistance at $700 later this week. The bulls already worked hard last week to beat resistance at the 20-day EMA at $630.
The digital currencies market traded bullishly strong in the last 24 hours, with Bitcoin breaking the $50K barrier, Binance Coin hitting $500, and Cardano touching the $2.9 resistance line. Meanwhile, we anticipate that the market will continue rising, and the bulls will keep pushing higher.
BCH/USD 1-day price chart: Increasing trading activity on the daily chart
BCH/USD traded between a high-volatility daily range on the 24 hours chart $665.57 – $681.02. Furthermore, daily total trading volumes increased by 14 percent to $2,555,609,482. Meanwhile, the Bitcoin Cash market capitalization dropped by 2.7 percent to $12.650 billion.
4-hour Bitcoin Cash price analysis: Buyers targeting $714
On the 4-hour Bitcoin Cash price analysis, BCH/USD is breaking out of the $670 minor barrier and heading towards the daily high at $681. Bears are likely to reappear near $700 and $714 to defend both regions. This is where Bitcoin Cash could consolidate more strength to face the $1000 barrier on its way to an all-time high.
Bitcoin Cash price action has rallied by more than 60 percent in the last weeks. The bulls have their eyes on the $714 from whence they will thrust a bigger resistance between $806 – $864. If the bulls strongly hold their ground in the next 48-hours, they could easily break above this point.
Generally, this Bitcoin Cash price analysis suggests the bulls are willing to push through and are already gaining support from dip buyers who are buying at most points.
Bitcoin Cash price analysis conclusion
Today’s Bitcoin Cash price analysis is bullish, and an uptrend could be seen in the next 24 hours as the bulls attempt to set new higher lows. The main target is to hit $700 – $714 in the course of the week, and we expect BCH/USD to break this barrier in the next 24 hours. While waiting for BCH/USD price action to consolidate, read our articles on Decentralized Exchanges, NFT Marketplace, and Bitcoin Futures.
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.
