Altcoin News

Bitcoin Cash Price Analysis: Bulls aims for $680 next

TL;DR Breakdown

  • Bitcoin Cash price analysis is bullish.
  • BCH/USD continued to retrace yesterday.
  • Bitcoin Cash is currently trading at $638.

Bitcoin Cash price analysis on the market now shows that bulls are in control, with prices increasing from $606 to $619 during the previous week. As a result, traders should anticipate BCH/USD to rise by percentages and cross the $620 mark before closing time.

Using the Fib tool on the last swing low and high on the BCH/USD price chart shows that the 61.8% retracement level with the $607 low works as a strong support line against any further drop in prices, while any moves higher than $618 will aim to close back above $627.

Bitcoin Cash price movement in the last 24 hours: Is it time to buy Bitcoin Cash?

The daily share range for BCH/USD is still comprehensive, but traders can take advantage of the current price level to start long positions with targets at $627 and later on at $664. It is always prudent for anyone looking to trade Bitcoin Cash to set stop-loss orders slightly below significant support levels.

BCH/USD highs were pushed last week by a surge in volume, crediting our previous analysis calling for further gains above $620 resistance. As seen on the chart above, buyers are pushing prices higher off solid bullish momentum.

According to the RSI indicator, any dips below $610 will likely see buying interest return anytime soon, which shows overstretched conditions, likely leading to higher prices soon.

BCH/USD 4-hour chart: BCH set to rally?

The Bitcoin Cash price establishes support at $618 on the 4-hour chart, allowing it to pave the way for another surge later today.

BCH/USD 4-hour chart. Source: TradingView

Overall, the Bitcoin Cash price has seen significant increases in recent weeks. BCH/USD dropped to a new low of $700 on July 20th before rallying over 60% until resistance at approximately $800 was broken.

A look at the charts indicates that Bitcoin Cash had a dismal week with prices retracing from $607 to $606 before bouncing back up again after an increase in volumes and price action activity. The last 7 periods have seen some solid monthly gains of more than 21%, and it is expected that this bullish attempt will continue for some more days or weeks before stalling out due to resistance levels ahead.

The 100 EMA line, at the time of writing, showed that BCH had managed to record a significant gain since our previous analysis at Bitcoin Cash was trading at around $606. Prices are now hovering at the $618 mark, after an increase of about 0.86%.

The Relative Strength Index period 14 is level 83, which indicates that Bitcoin Cash is in strong bullish momentum and a buy signal.

Bitcoin Cash Price Analysis: Conclusion

The Bitcoin Cash price is set to rise for the next 24 hours, as the market has established a support base of $615. We anticipate that BCH/USD will retrace and attempt to break above the daily high.

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 October 21, 2021 9:06 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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