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Bitcoin Cash Price Analysis: resistance at $711, market highly volatile

Bitcoin Cash Analysis
  • Market will move at a steady pace for the forseeable future
  • The strongest resistance is at $711
  • The strongest support is at $530

In the Bitcoin Cash Price analysis on November 21, 2021, we observed a cup and handle movement on the chart where the resistance was $584. The support remained steady at around $570 before falling into a flash-crash on November 22, 2021. Furthermore, the price declined to as low as $557 and has been stable since then.

Bitcoin Cash Price analysis: 4-hour chart

The Bitcoin Cash Price analysis chart deduced that the volatility has decreased, indicating that the price is less prone to change. The upper limit of the Bollinger’s Band lies at $587, which is the resistance, whereas lower limit of the Bollinger’s band rests at $559, also known as the support. Furthermore, we have seen that the moving average curve crosses over the price, indicating a bearish sign.

Bitcoin Cash Price Analysis: resistance at $711, market highly volatile 1
BCH/USD 4-hour chart source: Trading view

In this Bitcoin Cash Price Analysis, we have observed that The Relative Strength Index (RSI) is at 41, suggesting that the asset is on neither extremes and shows no signal. Since the volatility is decreasing, the chances of a significant difference in the prices are slim. Bulls and bears both try their best, but in vain; neither of the two is dominating the market yet.

BCH/USD 1-day price chart analysis: the volatility is increasing

The Bitcoin Cash Price analysis of the 1-day price chart showed a significant increase in the volatility of the assets, meaning that the market is well on its way to variable change shortly. The analysis shows the upper limit of the Bollinger’s Band stands at $711, called the resistance, while the lower limit rests at $530, called the support. The moving average curve crosses over the price signifying a bullish movement, showing the bulls dominating the cryptocurrency market.

Bitcoin Cash Price Analysis: resistance at $711, market highly volatile 2
BCH/USD 1-day chart source: Trading view

The bitcoin cash analysis shows the Relative Strength Index (RSI) at 41. Since the nature of this market is currently quite prone to variable change, it would either escalate exceptionally or plunge entirely.

Bitcoin Cash Price Analysis: conclusion

Concluding the Bitcoin Cash Price analysis, we have observed the market trend as bullish with high volatility, indicating the change at any time will be drastic. Either the value of the asset rises to a $750 resistance or falls below $530 support. Another effect such high volatility might have is the fluctuation of resistance and support. If resistance fluctuates, the price will skyrocket, but if the support fluctuates, the price will plummet.

The oscillating resistance will favor the bulls as the trend in the market will turn bullish, whereas the oscillation in support will favor the bears as the market will follow a bearish trend. With this being said, there is no telling who will rule the market, the bulls or the bears, as the unpredictability of the market is currently at its peak. Only time will tell.

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. 

Andrew

Andrew

Andrew is a journalist and cryptocurrency enthusiast who writes for the love of blockchain and cryptocurrency. He possesses vast knowledge of cryptocurrency, blockchain and other fintech and tech-related areas he has been covering for a long time.

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