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Bitcoin Cash price analysis: Bearish curve dominates as BCH drops to $641

Cryptopolitan


TL;DR Breakdown

  • The latest Bitcoin Cash price analysis shows price levels sinking every hour.
  • BCH/USD price has decreased to $641 today.
  • Value of crypto down by 4.28 percent in 24-hours.

The Bitcoin Cash price analysis is dictating a decrease in the price value today. The price levels are falling rapidly, creating a swift bearish slide on the price charts. The coin value is $641 currently, and it has dropped 4.28 percent in the last 24 hours.

The past hours experienced some activity from the bullish side as well, yet the most recent trend has been in the favor of bears.

BCH/USD 1-day price chart: Bears efficiently arrest a bullish rally

The 1-day price chart showing cryptocurrency analysis is going bearish today, as more sellers have approached the market. The bearish momentum is not huge but has successfully been able to dodge past the building bullish momentum.

The price has lowered to $641.19, and there is an imminent possibility that it will lower further in the upcoming days. The Moving Average (MA) indicator holds significant importance, and it is showing a value of $648.

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

The volatility is also decreasing which indicates a relatively positive signal for the future. The Bollinger’s bands are narrowing down, as a result, showing the upper band at $708.19 and the lower band at $600. The Relative Strength Index (RSI) score is also on the downside and has reached the value of 53.1.

Bitcoin Cash price analysis: Overwhelming pressure from the sellers

The 4-hours Bitcoin cash price analysis is depicting a sudden drop in the price today. The bearish momentum has been huge and the price has drastically lowered to reach the value of $641.42.

The moving average, on the other hand, is also way higher than the current price level and is $656.4. As per Bitcoin Cash price analysis, the volatility is gradually decreasing, which is a positive hint for the future of cryptocurrency.

Bitcoin Cash price analysis: Bearish curve dominates as BCH drops to $641 2
BCH/USD 4-hours price chart. Source: TradingView

The Bollinger’s bands are showing the following values; the upper band is present at $684.12, while the lower band is present at $605.41 at the time of writing. The RSI score is slowly decreasing as the bearish momentum is huge, taking the score down to 47.82.

Bitcoin Cash price analysis: Bearish curve dominates as BCH drops to $641 3
BCH/USD technical indicators chart. Source: TradingView

The competition between the buyers and the sellers has been quite strong, as the BCH/USD technical chart is giving a neutral signal. There is a total of 26 indicators out of which 10 are at the neutral spot, while eight indicators are at the selling and buying spots each.

The Moving Averages indicators are going bullish, as it is showing the average trend observed during the past weeks. There are six indicators at the selling position, eight at the buying while the remaining one indicator is at the neutral position.

As today’s trend has been highly bearish, the Oscillators are signaling for the selling momentum, and there are nine indicators standing neutral, two standing selling, and none as buying.

Bitcoin cash price analysis conclusion

The 1-day and 4-hours Bitcoin cash price analysis is indicating a sharp drop in the price levels today. After several tries from the bulls to make a comeback, the bears have overpowered the bulls and the price has decreased to $641.42 as a result.

If the support present at $605.41 remains the same, then there is a possibility that the bulls will take the price higher. But if support levels collapse, further downfall in the BCH/USD value can be expected.

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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