Bitcoin Cash Price Analysis: BCH/USD retraces to $640, bears target $630?

TL;DR Breakdown

• Bitcoin Cash price analysis is bearish for today 
• BCH/USD traded in a range of $636.38 – $648.34, indicating a moderate volatility 

Bitcoin Cash Price Analysis: General price overview

Bitcoin Cash price analysis is bearish for today as the market rallied more than 15 percent yesterday and set a new swing high at $683.Before retracing 4.35 percent back.  However, since BCH/USD started to consolidate, we made the assumptions that buyers could be exhausted, and therefore we anticipate a retracement later today.

The overall digital currency market traded bearishly with almost if not all coins posting record losses over the last 24 hours. Bitcoin, Ethereum, and ADA lost 2.31, 4.30, and 4.50 percent respectively. 

Bitcoin Cash price movement in the last 24 hours: Bitcoin Cash advances needs strong buyers to push it back to $700

BCH/USD traded in a range of $636.38 – $648.34, indicating a moderate amount of volatility over the last 24 hours. Trading volume has dropped by 4.31 percent and totals $2.764 billion, while the total market capitalization trades around $12.35 billion, ranking the coin in 13th place overall.

BCH/USD 4-hour chart: BCH prepares for a retracement?

On the 4-hour chart, we can see the Bitcoin Cash price action trading sideways overnight, indicating an upcoming retracement

Bitcoin Cash price action has traded with a strong bullish momentum over the last month. From the previous major swing low of around $570, BCH/USD has gained almost 70 percent to the current swing high of $680.

Since another 20 percent were gained yesterday. After another higher low was set on Sunday, BCH started to consolidate around the $680 mark, indicating that bulls are currently exhausted.

This price action development should lead  Bitcoin Cash price towards another retracement later today. Target to retrace to is seen at the $630  previous minor swing high resistance. From there, BCH/USD should continue higher later this week.

Bitcoin Cash Price Analysis: Conclusion 

Bitcoin Cash price analysis is bearish for today as the market set a new swing high at the $640 mark and started to consolidate overnight. Therefore, we expect BCH/USD to reverse later today and retrace some of the gains seen yesterday.

While waiting for Uniswap to move further, read our articles on cryptocurrency trading, price predictions, as well as DeFi.

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.

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