TL;DR Breakdown
- The price is now touching $611.36.
- Bitcoin cash price analysis shows bullish recovery.
- Support is strong at $529 for the day.
The latest Bitcoin cash price analysis shows that the bulls are trying to make a comeback once again. The price has improved up to $611.36 in the last 24-hours which is quite an encouraging sign for the buyers. The bulls have been at the dominating position this month, but the past week proved to be unfavorable because of bearish resistance. But today, a rise in price has been reported once again as the bulls are back.
BCH/USD 1-day price chart: Price rejoins $611.4 as bullish return provides momentary support
The one-day Bitcoin cash price analysis is showing signs of bullish activity as the price has not degraded further. This is because the bulls are trying to take back their dominating position after the bears interrupted the upward trend. Nonetheless, the bulls have been able to take the price to the $611.36 level after facing substantial loss. The price is still above the moving average (MA) value which is at $607.5 position.
The SMA 20 curve is going upwards again as the green candlestick has reappeared on the price chart. Meanwhile, the Bollinger bands indicator is dictating the following values; the upper band is at $652.27 whereas the lower Bollinger band is at $529. The Relative Strength Index (RSI) score is balancing itself at the average position of 54.54.
Bitcoin cash price analysis: Downswing triggers further reduction in BCH price
The four hours Bitcoin cash price analysis is confirming that a downtrend has been taking place for the past few hours. The price has moved down to the $611 level because of the constant rise in bearish momentum. Further decline in price is to follow as well, as it seems that the downtrend might last during the coming hours. The moving average in the four hours price chart is settled at the $612.28 position.
The volatility is increasing and now the Bollinger bands average is at the $618.08 level. Furthermore, the upper Bollinger band is at the $639.9 position whereas the lower Bollinger band is at the $596.30 mark. The RSI curve is descending due to the bearish trend and the score has decreased up to 48.27.
The overall indication for the BCH/USD is on the bullish side as a fundamental rise in price has been reported in recent months. There are 13 indicators standing on the buying mark, 10 indicators on the neutral mark while only three indicators are on the selling mark.
The moving averages indicators is supporting the buyers with a strong bullish signal. There are 12 indicators on the buying side, while two indicators are on selling and one indicator is on the neutral side. The Oscillators are showing a neutral trend for the day as there are nine oscillators on neutral position, one oscillator on selling, and one on buying positions.
Bitcoin cash price analysis conclusion
The one-day and four hours Bitcoin cash price analysis shows BCH requires more support from buyers to move up. The price has improved up to $611.36 after the bulls were able to stop the downslide. The bullish lead has been secured momentarily because of the bullish comeback. Nonetheless, the price might drop again as the hourly prediction is confirming the downfall in the price.
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