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Bitcoin cash price analysis: BCH drops below $668 as bears take charge

Cryptopolitan


TL;DR Breakdown

  • The Bitcoin cash price analysis is showing a decline in BCH price.
  • Price has dropped up to $668 level today.
  • Resistance at $671.40 is yet to be overcome.

The Bitcoin cash price analysis is indicating a downward trend, as the bears are regaining their strength again. The bearish momentum has resulted in a considerable decline in the coin value, and the price has decreased to $668 of value.

This might prove to be a loss for the buyers, as the trends have reversed unexpectedly after a huge milestone was covered by the bulls in the past hours.

BCH/USD 1-day price chart: Ongoing variations allow bulls to lead at present

The 1-day BCH/USD analysis is showing that the bulls have regained strength momentarily, after dodging past several bearish retraces. The coin value has improved and the price has increased up to $668.18 in the last 24-hours.

The moving average (MA) value in the 1-day price chart is standing at $644, while the Bollinger bands average is present at $643.71. The short-term trending line is moving upwards, and the SMA 20 curve is rising as well as a bullish sign.

BCH/USD 1-day price chart. Source: TradingView

The other Bollinger bands values are as such that the upper band is showing $706.14, while the lower band is showing $609.11 of values precisely. The Relative Strength Index (RSI) score is also rising because of the current bullish wave and has reached 57.53 as per Bitcoin Cash price analysis.

Bitcoin cash price analysis: Bears discontinue bullish progression towards $671 resistance

The 4-hours Bitcoin cash price analysis is going supportive for the bears at present, as a decrease in price was detected to $668.12. The bears are trying to make a comeback, and have broken past the successive bullish streak going on during the day.

The price is still above the moving average value i.e. $654.64, and the Bollinger bands average which is $647.11. The volatility is increasing, which is not a positive indication for the future.

Bitcoin cash price analysis: BCH drops below $668 as bears take charge 2
BCH/USD 4-hours price chart. Source: TradingView

As the Bollinger bands are expanding, the upper band has reached $671.40 of value, and the lower band has reached $623 value. The RSI score has decreased to 61.17 as well as its curve is showing a downward movement.

Bitcoin cash price analysis: BCH drops below $668 as bears take charge 3
BCH/USD technical indicators chart. Source: TradingView

The BCH/USD technical indicators chart given above is going towards the buyers’ side, as the overall trends have been supportive for the bulls. There are 15 indicators that are present at the buying position, while 10 indicators are at the neutral and one at the selling position.

The moving averages indicators are showing a strong bullish trend as well, as the prevailing trend during the past week has been bullish. There are 14 indicators at the buying point, one at neutral, and no indicator at the selling point. Moving forward, the Oscillators are giving a neutral signal because of the ongoing competition that is resulting in shifting trends. There are nine oscillators at the neutral position, and one oscillator each is standing at the buying and selling positions.

Bitcoin cash price analysis conclusion

From the above 1-day and 4-hours Bitcoin cash price analysis, we can infer that the bears are taking the lead as they have made a comeback after a continual bullish strike.

The bearish momentum has caused the BCH/USD price to decline and lower to the $668.12 value. The resistance level present at $671.40 is yet to be crossed, as the bulls have not been able to go beyond it because of bearish pressure.

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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