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Bitcoin Cash price analysis: Bullish momentum uplifts price to $294. More gains ahead?

Bitcoin Cash price analysis Bullish momentum uplifts price to More gains ahead

TL;DR Breakdown

  • Bitcoin Cash price analysis is bullish.
  • Price has increased up to $294.4.
  • Support for BCH/USD is present at $286.

The Bitcoin cash price analysis is bullish for the day as the price has increased to $294 in the last 24 hours. The bulls have managed to maintain their momentum in a steady manner and have made further recovery during the last two days. The recent bullish drive started back yesterday, as the price action has been upwards since then, and an increase in price has been observed today as well. However, currently, a correction is going on again, but the price may increase further if the support from the bullish side remains intact.

BCH/USD 1-day price chart: BCH gains one percent

The one-day Bitcoin cash price analysis report is going in favor of the bulls, as the price has increased up to $294.4 today. The crypto pair gained a value of one percent over the last 24 hours and has gained only 0.70 percent in value over the past week. The trading volume has decreased by 9.97 percent, but the market cap has increased by 1.21 percent resulting in the market dominance of 0.32 percent.

Bitcoin Cash price analysis: Bullish momentum uplifts price to $294. More gains ahead? 1
BCH/USD 1-day price chart. Source: TradingView

The volatility for BCH/USD is high, as the Bollinger bands cover more area, with the upper limit of the Bollinger bands present at the $333 mark representing resistance, and the lower band is present at the $267 mark representing the support for BCH/USD. The mean average forming at $300 above the current price level.

The relative strength index (RSI) is trading in the lower half of the neutral zone at index 46 on an upwards slope. The indicator shows a very slow progression in buying activity.

Bitcoin Cash price analysis: Recent developments and further technical indications

The 4-hour Bitcoin price analysis shows bulls have been outpowered by bears, and the price level has been decreasing again. The price increased sharply at the start of the trading session but has been correcting again for the last four hours. However, overall the trend is in favor of buyers, and price levels have increased prominently.

Bitcoin Cash price analysis: Bullish momentum uplifts price to $294. More gains ahead? 2
BCH/USD 4-hour price chart. Source: TradingView

The volatility is decreasing sharply on the 4-hour chart as the Bollinger bands are converging at a high pace, indicating less price movement for the coming hours. The upper band has shifted down to $297, representing resistance for BCH, and the lower band is at the $282 mark, making an average of $290. The average of the Bollinger bands is below the price level, indicating support for the BCH/USD pair. The RSI is at index 53 in the neutral zone, but its downwards movement hints at a selling activity overtaking the market.

Bitcoin Cash price analysis conclusion

The bulls are trying to maintain their lead and uplift the price level, as has been confirmed from the one-day and the four-hour Bitcoin cash price analysis. The price has increased up to $294.4; However, currently, a correction is taking place. We expect BCH/USD to continue upside after the correction lasts in the coming hours.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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