- Bitcoin Cash price analysis is bullish
- BCH/USD retraced and set a higher low yesterday.
- BCH is set to break $650 once again
Bitcoin Cash price analysis is bullish for today as the market retraced yesterday and set another higher low. Therefore, we expect BCH/USD to continue rallying and break above the $680 mark once again.
The overall market traded in with mixed signals after some coins recorded gains while others posted losses. Bitcoin and Ethereum gained 0.25 percent and 0.21 percent respectively. Market losers include XRP, ADA, BNB, and SOL.
Bitcoin Cash price movement in the last 24 hours: Bitcoin Cash sets another higher low
BCH/USD traded in a range of $608 – $619, indicating mild volatility over the last 24 hours. Trading volume totals $18.73 billion which is up by 11.89 percent from yesterday. Meanwhile, the total market cap trades around $11.4 billion, resulting in a market dominance of 0.56 percent.
BCH/USD 4-hour chart: BCH set to break $650 again?
On the 4-hour BCH/USD chart on our Bitcoin cash price analysis, we can see growing momentum as the bulls consolidate strength to rally and set higher lows in the next 24-hours.
Bitcoin Cash price action has struggled to move higher over the past weeks as it targets the $680 – $700 region. After finding resistance around $690 in the middle of August, a several-week consolidation was observed.
After retesting support at $680 on the 18th of August, Bitcoin Cash set a higher low twice until a breakout of the lower resistance level was made on the 31st of August. From there, Bitcoin Cash’s price quickly gained 25 percent and reached the next major price milestone at $675 this Friday.
Since then, BCH/USD has slowly retraced back towards the previous local swing high and found support above it. Earlier today, some bullish momentum resumed, indicating that bulls could make another attempt to push the market above the $650 resistance early next week.
Bitcoin Cash Price Analysis: Conclusion
Bitcoin Cash price analysis is bullish today as a new higher low was set overnight after a slow retracement from the $650 resistance. As long as the bulls keep up the momentum, we expect BCH/USD to rally above this mark early next week.
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