- The Bitcoin Cash price analysis is bullish.
- BCH/USD is now retesting the previous day’s high, having dropped over 15%.
- BCH is set to break $600 once again
Analysis of the Bitcoin Cash price is bullish today as the market retraced yesterday’s gains and established another higher low. As a result, when BCH/USD rises once again, we believe it will break above $680.
BCH/USD experienced a sharp drop yesterday afternoon, dropping from the $495 high to around $400. During this price action, BCH/USD retraced 61.8% of the previous move up before establishing a higher low at around $380. Although there wasn’t much trading activity.
After some coins recorded gains and others losses, the market traded in a red zone generally. Bitcoin and Ethereum lost 6.79% and 6.29%, respectively. Losing cryptocurrencies include XRP, ADA, Binance Coin, and SOL.
Bitcoin Cash price movement in the last 24 hours: Bitcoin Cash sets another higher low
According to our Bitcoin cash price analysis, BCH prices fluctuated in a range of $510–$540 over the last 24 hours, suggesting little movement. Trading volume is $6.73 billion, up by 8.89 percent from yesterday. Meanwhile, the market capitalization is around $10.24 billion.
BCH/USD 4-hour chart: BCH set to break $600 again?
On the Bitcoin cash price analysis page, we can see increasing momentum as bulls consolidate their position to surge and establish new highs in the next 24 hours.
Bitcoin Cash’s price has struggled to advance higher in recent weeks, as it strives for the $680–$700 zone. A several-week consolidation was observed after resistance at $690 was broken in the middle of August.
The price of Bitcoin Cash dropped sharply from the $1,145 high on August 10th to the low of $780 on August 16th. Once support for this cryptocurrency was retested at $680 on August 18th, it set a higher low twice before breaking out of the lower resistance level on August 31st. From there, Bitcoin Cash’
Since then, BCH/USD has been slowly retracing back toward the prior local swing high and finding support above it. Some bullish momentum returned earlier today, implying that bulls may attempt to push the market higher once again early next week.
On the BCH price analysis page, we can see that the market is set to face resistance at $650 in the next few hours. A breakout above this level would mean another attempt at establishing a new high for Bitcoin Cash.
Bitcoin Cash Price Analysis: Conclusion
The Bitcoin Cash price is constructive today, as a new higher low was established overnight after a sluggish retracement from $650 resistance. We expect BCH/USD to rise above this level early next week if the bulls continue to gain momentum.
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.