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Bitcoin cash price analysis: Bullish momentum bounces back after surpassing $709 hurdle

Bitcoin cash price analysis Bullish momentum bounces back after surpassing hurdle

TL;DR Breakdown

  • The Bitcoin cash price analysis shows a rise in price.
  • Coin value is increasing and has reached $710.
  • Resistance at $729.13 level to be touched soon.

The Bitcoin cash price analysis is indicating a rise in the price today, as the bulls are gearing up to reach above the current resistance. The past few hours have seen a bearish slope, which had interrupted the ongoing bullish wave.

Yet, the bulls have regained strength today, as the price levels are climbing past $709.95. If more buyers contribute to the bullish recovery, then there is a chance that the resistance at $729.13 will be crossed.

BCH/USD 1-day price chart: Price to travel downwards as crossover results in bearish sign

The 1-day cryptocurrency analysis is indicating a decline in price today, as the coin value has lowered to $710.02 of value. Although the past few days had seen significant improvement in the price levels, today’s trend is still going in support of the bears.

The momentum has not been strong enough to push the price below the moving average (MA) value i.e. $661.82. Moreover, Bitcoin Cash price analysis suggests that the volatility seems to be increasing, further negative indications can be drawn for the future.

Bitcoin cash price analysis: Bullish momentum bounces back after surpassing $709 hurdle 1
BCH/USD 1-day price chart. Source: TradingView

The Bollinger bands stand important in predicting the ongoing market trends, and their upper value has reached $712.3 and the lower value has reached $605.42 today. The Relative Strength Index (RSI) score has lowered to 63.13, which is still near the overbought mark because of the bullish trend recorded previously.

Bitcoin cash price analysis: BCH on its way to recovery after bearish interval

The 4-hours Bitcoin cash price analysis is showing an increase in price as the bulls have managed to survive the bearish strike. The price levels are gradually rising and have reached the value of $710 at the time of writing.

Meanwhile, the moving average value is also standing below the current price and is present at $702. The Bollinger bands are at an average position of $678, whereas the volatility is increasing as well.

Bitcoin cash price analysis: Bullish momentum bounces back after surpassing $709 hurdle 2
BCH/USD 4-hours price chart. Source: TradingView

The expansion between the Bollinger bands has resulted in the upper band reaching $729.13 and the lower band reaching $627 of values. The RSI score is on the rise once again and right now it is standing strong at 67.19.

Bitcoin cash price analysis: Bullish momentum bounces back after surpassing $709 hurdle 3
BCH/USD technical indicators chart. Source: TradingView

The BCH/USD technical indicators chart is confirming today’s uptrend as it is giving out a bullish signal. There are 26 indicators in total, out of which 16 are standing at the buying position, seven at the neutral, and three at the selling positions.

Whereas the moving averages indicator is also predicting a rise in price as there are 14 indicators at the buying point, one at neutral, and none present at the selling point.

As the market has experienced strong opposition from both the bulls and the bears, the overall trend has been relatively towards the neutral side. The oscillators are further pointing out that there are six oscillators at the neutral position, three at the selling, and the remaining two at buying positions.

Bitcoin cash price analysis conclusion

From the above 1-day and 4-hours Bitcoin cash price analysis, it can be deduced that the cryptocurrency is going in the favor of the bulls. Further uptrend is to follow if the support remains strong at its current position i.e. $627.

Today’s progress has resulted in the price levels rising up to meet $710, and the bullish momentum is intensifying every hour. This is an encouraging sign for the buyers to step forward so that the price can pursue new heights.

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.

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