- Bitcoin Cash price is expected to rise above $1,400 to challenge $1500.
- The closest support level lies at the $1300 mark.
- BCH faces resistance at the $1450 level.
Bitcoin Cash price has finally broken above the $1000 mark, and strong bullish momentum has carried the price to go past the $1350 mark. Bitcoin Cash records an over 42 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 observes a bearish sentiment across the 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Major players that had a loss include Ripple‘s XRP and Dogecoin that record a 10.06 and a 1.32 percent decrease, respectively. Meanwhile, Bitcoin and Ethereum record a 5.21 and a 4.62 percent decrease.
Technical indicators for BCH/USDT
Across the technical indicators, the MACD exhibited a bearish reversal yesterday and has seen strong bearish momentum since. As the price action stagnated and the size of the red histogram increased, the MACD saw a significant drop and at press time is just below the 15.00 mark. Currently, while both EMAs move downwards, the 12-EMA is separating from the 26-EMA showing an increasing bearish momentum at the time of writing.
The RSI is currently trading in the neutral zone a little above the 48.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past five days. At press time, the RSI has had a small spike towards the oversold region, suggesting an increasing bearish presence at the current price level and giving a clear indication to sell.
The Bollinger bands at press time are wide, and as the last candlestick is red, the bands will converge in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Bitcoin cash price to decrease in the short term. Moreover, as the price is consolidating below the band’s mean line rather than the upper limit, the bands will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a weak buy signal with 9 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only eight indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine 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 suggest 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 is recovering to the $1,400 mark showing strong bullish dominance on the price action. Bitcoin Cash price can be expected to rise to the $1,500 mark as suggested by the technical analyses and the bullish market sentiment.
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