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BCH consolidating bullish strength between $530 and $551

Cryptopolitan


TL;DR Breakdown

  • Bitcoin Cash (BCH) has traded between $498 and $546
  • As of this writing, Bitcoin Cash is trading at $530 against the USD
  •  Most altcoins are following within the bear zone, posting losses of between 2 – 5 percent

Bitcoin Cash Price Analysis: General price overview

Since Saturday, Bitcoin Cash (BCH) has traded between $498 and $546, a range that marks the 50-day moving average and the overhead resistance preventing the price from breaking above $550. Bulls are consolidating firmly near this resistance with the suggestion of an impending upside. 

A situation that has caused a stiff tug fight between the bulls and the bears, with buyers not willing to exit their positions while sellers are advocating strongly for a pullback. 

The Bitcoin Cash price analysis set a new higher low after the USD retraced during the early morning hours into the $550 region before the price corrected lower below resistance into the $530 price level. Thereby suggesting overall bullishness across the BCH 24-hour chart.  We can expect BCH to continue upward for the next 24 hours and try to exceed $550  over the coming sessions. 

Meanwhile, the overall cryptocurrency market had been trading within the red zone for the last 24-hours. Bitcoin and Ethereum have shed 3.65 percent and 2.97 percent, respectively. The majority of the altcoins are following within the bear zone, posting losses of between 2 – 5 percent. Solana is among the worst performers after shedding 4.4 percent of its value on the daily trading chart. 

Bitcoin Cash price movement in the last 24-hours

BCH/USD traded in a range of $523 – $551 over the last 24 hours and had relatively moderate volatility due to decreasing trading volume at the start of the week. The daily trading volume caps at $2.77 billion after falling by 11 percent on the daily chart. Bitcoin Cash presently has a total market capitalization of $9.9 billion and ranks at number 14 among by market cap. 

Source: TradingView

BCH/USD 4-hour chart:

If the price of Bitcoin Cash (BCH) sustains above US$546.83, it will complete a double bottom pattern – bullish reversal set up with an objective target at US$710.13. The moving averages are nearing crossover to the upside, and the RSI is positive – suggesting that they have enough momentum to go higher.

As of this writing, Bitcoin Cash is trading at $530 against the USD. Buyers are attempting to invalidate any breakdowns and overturn the downsloping moving averages. A price action that is likely to exert a push between $520 and $546 in the next 24 hours. 

Bitcoin Cash price analysis conclusion

Bitcoin Cash price analysis is bullish today as the bulls target to establish another daily high above the overhead price hurdle. Meanwhile, as you wait for the next Bitcoin Cash price correction, read our long-term prediction for BCH and where to expect the coin between the year 2022 – 2025.  

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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