Bitcoin cash price analysis: BCH likely to step above $604.33

TL;DR Breakdown

• Bitcoin cash price analysis displays a resistance rate of $603.33.
• Market faced profit as more buyers approached it vigorously.
• Support level of today’s cryptocurrency chart is at $572.66

From the one-day chart and 4-hours BCH/USD charts, it is found out that the market is going in a bullish direction. If the same trend follows, then there is a greater probability that the price will go even higher than $634.20. Also, that there is little possibility that the Bitcoin cash price will go below the lowest point, which is right now present at $572.66.

Bitcoin cash price 4-hour chart indicates bullish cross

The four-hour Bitcoin cash price analysis chart is revealing a bullish uptrend for today. The latest statistics as seen in Bitcoin cash price analysis chart show that the BCH price is much likely going to be higher than $634.20. There have been certain instances where bears have tried to make a comeback, but the general trend has been the same.

The Bollinger bands are showing decreasing volatility, which is referring that the future trends are maybe more bearish in nature. The average of Bollinger bands is right now at a level of $603.43. Meanwhile, the upper and lower strands are ending at the following points; the upper being present at $634.20 and the lower strand at $572.66.

The RSI value in the four-hour BCH/USD chart is 53.64 which is a relatively neutral figure. There is still a slight room for improvement and taking it above 70, the overbought digit.

24-hours BCH/USD chart exhibits resistance at $604.58

The daily chart showing cryptocurrency values is showing the price standing at $604, entering the exact figure. The moving average is $578.04 which is not bad if we look at the overall scenario. The mean value of Bollinger bands is right now showing $542.94 of value. The upper and lower strands of the Bollinger bands are at the following positions; the highest one being $630.55 and the lowest one is $455.32 precisely.

The RSI number is 64.88 which is promising hope for the impending future. This is near 70, indicating a future trend that can result in more buyers entering the market. The volatility is also decreasing as the Bollinger bands are narrowing down, hinting at the presence of more bullish candlesticks in the future.

The following is the analysis of the technical indicators chart and the major trends it is confirming. The total number of indicators is 26, out of which six are standing under the sell category, eight under the neutral and twelve under the buy category. The general drift of the market has been towards neutrality and the bulls and bears are competing with each other with equal force as per Bitcoin cash price analysis. 

The Moving Averages are 15 in total, out of which eleven are present under the buy label, one under the neutral and the remaining three are present below the sell label as seen from the chart above. If we point out the trends confirmed by oscillators, then they incline towards the selling stature. Seven oscillators are resting at a neutral state, three at the selling and one at the buying one, distinctively.

Bitcoin cash price analysis conclusion

As evident from the Bitcoin cash price analysis above, the dominant trends have been towards the bullish side and showing a gradual increase in the Bitcoin cash price. There are more buyers as compared to sellers in number, both standing as strong competitors, evening each other out.

The BCH/USD price is stuck at a $604.58 value as extracted from the charts above. If the price drops even below the support that is $455.32 then a further fall in the price can be presumed.

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.

Source: https://www.cryptopolitan.com/bitcoin-cash-price-analysis-2021-08-12/