Bitcoin Cash Price Analysis: BCH finding support around $550

TL;DR Breakdown

  • The Bitcoin Cash price analysis is bullish.
  • BCH/USD is now retesting the previous day’s high.
  • BCH bounces back to $550 support but corrects a bit lower

The Bitcoin Cash price is now extremely bullish, with the market retreating from its previous highs and forming another high low. As a result, we predict that when BCH/USD rises again, it will reach $680.

Cryptocurrency heat map. Source: Coin360

Bitcoin Cash price movement in the last 24 hours: Bitcoin Cash sets another higher low

Over the previous 24 hours, Bitcoin Cash prices fluctuated within a broad range of $535 to $549, suggesting little movement. Trading volume is at $6.73 billion, up 8.89 percent from yesterday’s value. Meanwhile, bitcoin’s market capitalization is around $10 billion.

BCH/USD 4-hour chart: BCH set to break $600 again?

On the Bitcoin cash price analysis 4-hour chart, we may see more momentum as bulls solidify their position and aim for new highs in the next 24 hours.

BCH/USD 4-hour chart. Source: TradingView

Following a brief consolidation, Bitcoin Cash’s price has been moving horizontally for the past several weeks as it attempts to break through $680–$700. After resistance at $690 was broken in the middle of August, a few-week pause ensued.

On the evening of August 10th, Bitcoin Cash’s price fluctuated significantly. On August 16th, it fell from a peak of $1,145 to a low of $780. When the currency’s support was re-examined at $680 on August 18th, it established two new lows before breaking out of the lower resistance level

Since then, BCH/USD has been retracing and finding support above the prior local swing high. There was some bullish activity late this past week, suggesting that bulls may attempt to push the market higher again early next week.

On the Bitcoin Cash price analysis, we anticipate that the market will encounter resistance at $650 in the next several hours. If this barrier is broken, it would indicate another attempt by Bitcoin Cash to establish a new high.

Bitcoin Cash Price Analysis: Conclusion

The price of Bitcoin Cash has risen this morning, 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 pursue their current strategy.

While waiting for Bitcoin Cash to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

This post was last modified on September 24, 2021 3:15 am

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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