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Bitcoin Cash price analysis: BCH gains six percent as bullish momentum leads the price to $320

Bitcoin Cash price analysis BCH gains six percent as bullish momentum leads the price to

TL;DR Breakdown

  • The Bitcoin Cash price analysis is bullish.
  • Resistance for BCH/USD is present at $322.
  • Support for BCH is present at $314.

The most recent Bitcoin Cash price analysis indicates an increasing trend for the last 24-hour period as the price has been increasing for the second day consecutively. Green candlesticks indicate a reversal in trends due to the bullish turnover. Although the price followed the market’s bearish weekly sentiment, today’s trend has been encouraging for buyers. BCH/USD now stands at a value of $320, following the latest uptrend.

BCH/USD 1-day price chart: BCH recovers as the bullish trend continues

The one-day Bitcoin Cash price analysis gives a bullish indication regarding today’s price movements. The price showed an upward inclination during the past 24-hours because of the sudden bullish return. Although the bears were winning successively in the previous week as the trend line was downwards, yesterday, the coin rejected further downside, and today, the price recovered up to $320, gaining six percent value over the last 24 hours. Still, the current price stands lower than its moving average (MA) value of $322.

Bitcoin Cash price analysis: BCH gains six percent as bullish momentum leads the price to $320 1
BCH/USD 1-day price chart. Source: TradingView

The volatility is high, which is a positive signal regarding future market trends, and the price might receive a further bullish boost. Discussing the upper and lower values of the Bollinger bands indicator, the upper band shows a $352 value, which is the strongest resistance, whereas the lower band displays a $297 value, which is the strongest support for BCH. The Relative Strength Index (RSI) graph presents an ascending curve, and the score has increased to index 46. The ascending graph of the indicator hints at the buying activity in the market.

Bitcoin Cash price analysis: Recent developments and further technical indications

The 4-hour Bitcoin Cash price analysis predicts a strong bullish trend for the market as the buyers have controlled the price flow for the past eight hours today. Over the larger picture, a series of green candlesticks marks the 4-hour price chart, thus confirming an uptrend. The short-term trending line now confirms the upward price action. The bullish impulse has increased the coin’s value to $320. The moving average value sits at $311, and the SMA 20 curve is traveling towards the SMA 50 curve and might cross over it in the coming hours, which will be a further bullish indication.

Bitcoin Cash price analysis: BCH gains six percent as bullish momentum leads the price to $320 2
BCH/USD 4-hour price chart. Source: TradingView

The Bollinger bands are now making an average of $312. At the same time, their upper edge is present at $321 high, while their lower edge touches $303. Meanwhile, the RSI score has inclined to index 55 because of the strong bullish sentiment. A further increase in BCH/USD value is expected in the next few hours.

Bitcoin Cash price analysis conclusion

The 1-day and 4-hour Bitcoin Cash price analysis support the bulls, as the price underwent a considerable recovery. The bullish momentum is intensifying, which is why the coin’s value now rests at a $320 lower high. A further increase in the market value of the coin can be expected in the next few hours. On the other hand, the selling pressure can also arise as the 4-hour chart hints at the presence of resistance at the $321 level, which may halt the upwards price action for some time.

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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