logo

Bitcoin Cash price analysis: BCH soaring above $650 despite pull backs

Bitcoin Cash price analysis BCH soaring above despite pull backs

TL;DR Breakdown

  • Bitcoin cash price analysis shows steady movement above $650.
  • BCH trying to find strong support above the $680 mark to test $700.
  • Strong support is currently holding the price despite pull backs.

Bitcoin cash price analysis shows the shadow king of cryptocurrency is enjoying steady highs above the $680 mark for the past three days. Although there have been bearish pullbacks, Bitcoin Cash‘s price managed to find strong support to sustain above the said mark.

Bitcoin price analysis: BCH price remains bullish in past 24 hours

Bitcoin price analysis on the one-day candlesticks chart reveals that the cryptocurrency is largely bullish while the volatility is decreasing. The upper Bollinger bands value is stable at the $705 mark, serving as the strongest resistance mark. While the lower Bollinger bands value is at the $479 mark, marking the strongest support for the BCH/USD pair.

Bitcoin Cash price analysis: BCH soaring above $650 despite pull backs 1
BCH/USD price chart. Source: Trading View

The relative strength index is showing that the BCH/USD pair was slightly over-bought in the past few days, but in the past 24-hours, it has been well within the normal range under 70. The moving average support is found at the $646 mark, while the Bollinger bands’ support is found at the $592 mark favoring the current bullish momentum for BCH.

BCH/USD price on 4 hours candlestick chart confirms bullish momentum

Bitcoin cash price analysis on the four hours candlestick chart further confirms that the volatility is decreasing, and the bullish momentum is largely in control of the price movement. The upper Bollinger bands’ value rests at the $710 mark, displaying the strong resistance point. While the lower Bollinger bands’ value stands at the $660 mark, displaying the strongest support for the cryptocurrency.

Bitcoin Cash price analysis: BCH soaring above $650 despite pull backs 2
BCH/USD price chart. Source: Trading View

The RSI score is also well within the normal zone, with a score of 53.79 it marks the neutrality of buying and selling pattern. Whereas the moving average value also stands at the $686 mark. At the time of writing, the moving average is above the current price, but slight pullbacks are evident from the cryptocurrency chart above the $680 mark in the past 72 hours.

Bitcoin Cash price analysis: technical indicators’ summary

The technical indicators for the BCH/USD pair are largely displaying a buying indication. 14 indicators out of the 26 are standing at the buy indication, while nine indicators stand neutral and three indicators stand on selling.

Bitcoin Cash price analysis: BCH soaring above $650 despite pull backs 3
BCH/USD technical indicators chart. Source: Trading View

Out of the 15 moving averages, as many as 13 are standing at the strong buying position while one indicator stands neutral, and one indicator stands in favor of selling. Out of the oscillators, as many as eight indicators stand neutral, two indicators stand on selling position and one at the buying position.

Bitcoin cash price analysis conclusion

Bitcoin cash price analysis shows that the cryptocurrency had been hovering above the $680 mark for the better part of the last 72-hours. It appears that the cryptocurrency is going to retest the $700 mark soon. So far, BCH/USD has been able to maintain its bullish momentum, found on the 14th of August, in the market. If the current support levels persist, the cryptocurrency is likely to break past the $700 mark in the near future. If the support levels fail, there could be healthy correction before retesting the $700 mark.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

Related News

Hot Stories

DCENTRAL Is Bringing its Legendary Web3 Conferences to Asia, Starting in Vietnam
World's first national token launching on Tron chain
Ethereum price analysis: Ethereum reclaims $1,200 after recent volatility, what’s next?
Bitcoin price analysis: Bulls hold on to crucial support of $16,000
Troubled FTX plans to resume payments to employees

Follow Us

Industry News

World's first national token launching on Tron chain
Troubled FTX plans to resume payments to employees
E-Hryvnia's new CBDC concept takes shape in Ukraine
Is Nexo safe? What is the crypto lender doing differently & red flags?
Mastercard files for another Web3 and crypto trademark

Add Your Heading Text Here