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Bitcoin Cash price analysis: Price faces depreciation up to $661.77 after bearish return

Bitcoin Cash price analysis Price faces depreciation up to after bearish return

TL;DR Breakdown

  • BCH price has leveled down to $662.
  • Bitcoin Cash price analysis favors the bears.
  • Support is rigidly standing at $538.21.

The bears have been ruling the BCH/USD price chart for the past few days, as the price has been constantly experiencing a fall. The price underwent considerable decline even today, as the bearish trend brought it down to $661.77 extreme. This has created chances of the price going in the danger zone, as the bearish trend has been expanding at a constant rate.

BCH/USD 1-day price chart: BCH price follows a downward path to $662

The one-day Bitcoin Cash price analysis is depicting a downtrend for the day, as the bears have been in the lead for the past few days. The trends took an unexpected shift, resulting in a bearish win. The BCH value is currently $661.77, and it is expected that it might go down even further during the upcoming weeks. The moving average (MA) value is at the $638 mark, whereas the Bollinger bands average is at $614.72.

Bitcoin Cash price analysis: Price faces depreciation up to $661.77 after bearish return 1
BCH/USD 1-day price chart. Source: TradingView

The increase in volatility is indicating that the bearish trend might intensify in the future. This is why the Bollinger band values have changed as well, as now the upper value is at $691.22 position and the lower value is at $538.21. The Relative Strength Index (RSI) score has been reduced to 57.25.

Bitcoin Cash price analysis: Bullish comeback raises BCH price up to $662

An increase in price has been reported in the last four hours for BCH/USD. The bulls have been able to make a successful comeback by breaking past the bearish streak. The uptrend has elevated price levels to $661.77, which is a positive signal for the buyers. Earlier, the price had been undergoing constant reduction due to the bearish pressure. If we talk about the moving average value, then it is standing at $671.35 in the four hours price chart.

Bitcoin Cash price analysis: Price faces depreciation up to $661.77 after bearish return 2
BCH/USD 4-hours price chart. Source: TradingView

The Bollinger bands indicator is now maintaining an average of $684.72. Whereas its upper band is present at $723.33 position while its lower band is at $646.10 position. The increasing price movement has improved the RSI score as well as now its curve is touching 48.93.

Bitcoin Cash price analysis: Price faces depreciation up to $661.77 after bearish return 3
BCH/USD technical indicators chart. Source: TradingView

The technical indicators chart for BCH/USD is giving out a bullish signal for the day as the price has improved in the past few months. There are 14 indicators occupying the buying position, nine indicators are on neutral position and three indicators are there on selling position.

The moving averages indicator is hinting at the remarkable increase in price as well by giving out a strong bullish signal. We can see that 13 indicators are on the buying mark, while one indicator each is present on the selling and neutral marks. The Oscillators are showing a neutral trend for the day, with eight indicators on neutral position, two indicators at selling position, and one indicator at buying position.

Bitcoin Cash price analysis conclusion

The one-day and four hours Bitcoin Cash price analysis is dictating a drop in price for the day. The bearish trend has lowered the coin value to $662, and further downfall is expected as well. The four hours price chart is showing a green candlestick, which means that the upcoming hours might be on the favorable side.

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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