BCH retests support at $530

Bitcoin cash price analysis

TL;DR Breakdown

  • The Bitcoin Cash price analysis is bullish.
  • BCH/USD is now retesting the previous day’s high.
  • BCH bounces back to $530 support

The Bitcoin Cash price is now very bullish, as the market has receded from its prior highs and formed another high low. As a result, we anticipate that when BCH/USD rises once more, it will surpass $680.

Bitcoin Cash price movement in the last 24 hours: Bitcoin Cash sets another higher low

Bitcoin cash prices fluctuated within a range of $535 to $549 over the previous 24 hours, suggesting moderate movement. Trading volume is at $6.73 billion, up 8.89 percent from yesterday’s level. Meanwhile, the bitcoin market capitalization is around $10 billion.

BCH/USD 4-hour chart: BCH set to break $600 again?

On the Bitcoin cash price analysis 4-hour chart, we may observe more momentum as bulls consolidate their position and go for new highs in the next 24 hours.

BCH/USD 4-hour chart. Source: TradingView

Bitcoin Cash’s price has been fluctuating horizontally for the previous several weeks as it attempts to break through $680–$700. After resistance at $690 was broken in the middle of August, a few-week consolidation ensued.

On August 10th, Bitcoin Cash’s price fluctuated dramatically. On August 16th, it dropped from a high of $1,145 to a low of $780. When the support for this currency was re-examined at $680 on August 18th, it set a new low twice before breaking out of the lower resistance level.

Since then, BCH/USD has been retracing toward the previous local swing high and finding support above it. earlier today, there was some bullish movement, suggesting that bulls may attempt to push the market higher once again early next week.

On the BCH price analysis, we see that the market will face resistance at $650 within the next several hours. If this level is broken, it would suggest another effort by Bitcoin Cash to set a new high.

Bitcoin Cash Price Analysis: Conclusion 

The price of Bitcoin Cash is up this morning, as a new higher low was set overnight after a sluggish retracement from $650 resistance. If the bulls continue to pursue their current strategy, we anticipate BCH/USD to rise above this level early next week.

While waiting for Bitcoin Cash to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. 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 link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Judge Denies SEC’s Crypto Transactions to Ripple

Judge Denies SEC’s Crypto Transactions to Ripple

PayPal Customers in U.K. Can Now Buy & Sell Crypto