Bitcoin Cash price analysis: Can bulls defend the $675 support?

Bitcoin Cash price

TL;DR Breakdown

  • Bitcoin Cash price is expected to fall to $660
  • BCH faces resistance at the $700 mark
  • The closest support level lies at $670

The Bitcoin Cash price climbed above the $700 mark yesterday but failed to maintain a support level above the mark and has fallen back towards the $670 mark. Currently, the $675 level provides support to BCH, but the rising selling pressure suggests further downwards movement. 

The broader cryptocurrency market observes a mixed market sentiment over the last 24-hours as most major cryptocurrencies record minor movements. Major players include Cardano that recorded a 5.7 percent increase, and Avalanche, recording a 9.85 percent decline. 

Technical indicators for BCH/USDT: Price falling back to $675

Bitcoin Cash price analysis: Can bulls defend the $675 support? 1
Technical indicators for BCH/USDT by Tradingview

Across the technical indicators, the MACD is bullish, as expressed by the green histogram. However, the bulls have seen a declining momentum in the last 24 hours as the Bitcoin Cash price faced rejection from the $700 mark. However, as the bulls hold above the $675 level, the indicator has not yet crossed to the bearish region. 

The EMAs have begun moving downwards, but the 12-EMA is still above the 26-EMA, showing buyer activity at the level. However, the indicator would soon observe a bearish crossover due to the selling pressure. 

The RSI is currently neutral and trades close to the mean level at the 50.00 index level. The indicator is currently moving downwards as the price falls to the $675.00 support level. The indicator’s mean level shows room for Bitcoin Cash price movement in either direction. As such, traders should expect an increase in BCH volatility. 

The Bollinger Bands are currently narrowing as the Bitcoin Cash price returns to the indicator’s mean line. The mean acts as a support for the price in the short term. However, movement below the $673 mark would cause a fall towards the $640 price level where the closest support lies. 

Overall, the 4-hour technical analysis issues a buy signal showing bullish strength at the current price level. The analysis shows 15 of the 26 major technical indicators in support of an upwards movement for the Bitcoin Cash price. On the other hand, only one indicator issues a sell signal, suggesting a low bearish presence at the current level. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals supporting either side of the market. 

The 24-hour technical analysis accentuates this sentiment, issuing a strong buy signal showing a positive outlook for the Bitcoin Cash price action across the mid-term charts. The analysis shows 16 indicators suggesting further upwards movement for the Bitcoin Cash price action against only two indicators suggesting a downward price movement. At the same time, nine indicators remain neutral at the time of writing. 

What to expect from the Bitcoin Cash price?

Bitcoin Cash price analysis: Can bulls defend the $675 support? 2
4-hour price chart by Tradingview

Traders should expect the Bitcoin Cash price to fall below the $675 mark as the price declines to the $660 support level. While the mid-term technicals suggest bullish movement, the short-term indicators suggest a correction before the price continues moving scales the $700 level. The price can be expected to stabilize at the $660 mark as the bulls gather momentum to retest the $700 mark.

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.

Arnold Kirimi

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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