- Bitcoin Cash price expected to rise to $1,100
- The closest support level lies at $1,000.
- BCH faces resistance at the $1,050 mark.
Bitcoin Cash price has gone past the $850 mark, and strong bullish movement has taken the price to above the $1010 mark. BCH records an over 18 percent price hike across the last seven days showing strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major players include DOGE and BNB that record a 4.26 and a 4.38 percent increase, respectively. Meanwhile, some currencies like USDT, ATP, and USDC record a loss in that timeframe.
Technical indicators for BCH/USDT
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the Bitcoin Cash price at press time is just above the 25.00 mark. Meanwhile, the 126-EMA still trades above the 12-EMA, the difference between the two is negligible, and they may show a bullish reversal at any time.
The RSI broke out of the neutral region on the 30th of April, but on the 1st of May, it dropped back into the neutral zone. The indicator currently trades a little above the 64.00 mark and is moving upwards, suggesting a bullish presence at the current price level. Meanwhile, the RSI trades with a high slope suggesting a buy signal as the buyers appear to be fighting back.
The Bollinger bands are currently wide and will expand further in the future as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the Bitcoin price in the short term. Meanwhile, as the Bitcoin Cash price is consolidating much closer to the upper limit than the band’s mean line, the price will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only one indicator issues sell signals suggesting a bearish retracement. Meanwhile, 10 indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 15 of the 26 indicators suggesting a bullish movement against only one indicator suggests a bearish retracement. Meanwhile, 10 indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Bitcoin Cash price?
Bitcoin Cash price was struggling to cross above the $1,000 mark but has recently climbed above the level. However, the price action still faces bearish pressure at the $1,050 price level suggesting selling pressure at the level. The technical analyses and the short-term indicators are bullish, suggesting a bullish breakthrough towards the $1,100 mark for the Bitcoin Cash price.
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