- The Bitcoin Cash price analysis is bullish.
- Price has increased up to $323.3.
- Resistance for BCH/USD is present at $326.
The Bitcoin Cash price analysis reveals a continuation of bullish momentum for today despite the fact that the broader crypto market is in the retracement phase today. When most of the coins are correcting, including the Bitcoin and Ethereum, BCH/USD is in full bullish momentum, and bulls are aiming for their next target, which is the resistance of $326, which is expected to be conquered by the bulls soon as the price has already reached $323.3.
BCH/USD 1-day price chart: BCH successfully breaks above the $318 crucial resistance
The 1-day Bitcoin Cash price analysis report reveals that bulls have carried out a strong rally today after yesterday’s recovery. The coin is trading hands at $323.3 at the time of writing, gaining eight percent value over the last 24 hours. On the other hand, the coin is at a loss of 7.92 percent over the past week, as the last week proved detrimental for the coin value, and some strong corrections were observed, which affected the coin’s value adversely. But today, the bullish momentum seems strong, and it can be expected that the BCH will break above $326 in the coming hours.
The volatility is increasing as the volatility indicator, the Bollinger bands show a high degree of divergence, and the BCH price recovered above the lower limit of the indicator yesterday. The lower band is showing more divergence as the price was falling at a high pace previously, but now the circumstances have changed in favor of the buyers. The moving average (MA) is trading at $325 above the price level but below the SMA 50.
The relative strength index (RSI) is trading at a steep upwards curve from yesterday after the coin started to rally high. The RSI indicates a strong buying activity going on in the market as it shows a reading of index 45 in the neutral zone.
Bitcoin Cash price analysis: Recent developments and further technical indications
The 4-hours Bitcoin Cash price analysis shows the price breakout was downwards today, but the correction was small, and soon bulls returned to elevate the price levels. After making a comeback, the bulls secured their position for four hours and then started to rally high just eight hours back, and the price action is being observed to be covering the range upwards for the last hour as well as they have elevated the price level to $323.3.
The volatility is still high, as the Bollinger bands are covering more area. The price is trading near the upper limit of the Bollinger bands, which is at the $331.6 mark, representing resistance for the price function and the lower limit is at the $288.7 mark.
The relative strength index (RSI) is trading at index 57, but the steep upwards curve of the indicator has bent a little horizontally, which hints at the fact that the buying intensity has decreased a little just recently.
Bitcoin Cash price analysis conclusion
The current Bitcoin Cash price analysis shows that bullish momentum is dominating the price function. If the bullish support persists, it is highly expected that BCH will break above $326 in the coming hours, and bulls will start their march towards $336.
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