Bitcoin Cash price analysis: BCH rejected at $619, more downside to follow?

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TL;DR Breakdown

  • Bitcoin Cash price analysis is bearish today.
  • Support is standing at $599.
  • Resistance is present at $621.

The Bitcoin Cash price analysis is in favor of bears today as the price is again decreasing today after rallying high yesterday. Bulls made a good recovery during the last two days, and BCH recovered well, gaining significant value, especially yesterday’s spike was quite notable, which washed out the losses incurred during the past week as the price touched the $619 level.

BCH/USD faced selling pressure after two days of a bullish rally, and the price started declining today. Currently, the price is near the support of $611, followed by another support of $599. On the other hand, resistance is present at the $621 level.

BCH/USD 1-day price chart: BCH bulls to rest at $611 support

The 1-day Bitcoin Cash price analysis shows the bears are trying to smash the $511 support as the price continues oscillating downwards. However, the BCH has tried its best to dodge the downwards trend that started from 10th November, as the coin consolidated from 19th November to 23rd November and rallied high yesterday. The rally was of the impact that despite the correction today, the BCH still reported gains of 8.22 percent over the last 24 hours and 4.95 percent over the course of the last seven days. However, the trading volume has decreased by 29 percent, and the market cap has suffered by more the two percent.

Bitcoin Cash price analysis: BCH rejected at $619, more downside to follow? 1
BCH/USD 1-day price chart. Source: TradingView

The BCH is also in high volatility, as the Bollinger bands are also indicating, by covering more and more area on the charts. The lower band at the $527 mark represents support for the coin, and the mean average of the indicator at the $620 mark indicates resistance for BCH/USD.

The relative strength index (RSI) has taken a downwards turn but is still present at a good level of index 51. However, the RSI is hinting at the selling activity overpowering the buying activity in the market. The moving average (MA) is trading below the price level at the $582 mark after steeply coming down along with the price during the past few days, but the price traveled above the MA yesterday.

Bitcoin Cash price analysis: Recent developments and further technical indications

The 4-hour Bitcoin Cash price analysis shows the price breakout was upwards at the start of today’s session, following yesterday’s bullish progression, but started spiraling downwards recently, and still continues downside at $613, soon to retest $611 support.

Bitcoin Cash price analysis: BCH rejected at $619, more downside to follow? 2
BCH/USD 4-hours price chart. Source: TradingView

The volatility is also high on the hourly basis as the 4-hour chart suggests, the Bolling bands are expanding with the upper band at the $618 mark representing resistance for the coin, the mean average of the Bollinger bands at the $575 mark represents the support zone for BCH/USD. . The RSI is trading on a downwards slope at index 65 after touched the border of the overbought zone indicating the selling activity in the market.

Bitcoin Cash price analysis conclusion

The Bitcoin cash price analysis shows that the coin is correcting after a continuous bulls rally for 24 hours. A correction after this long of upwards movement is not vexatious at the moment, as corrections are necessary for a further move higher. If the coin continues downside, then it may get support at the $611 level; if this support falters, then it may spiral down to the $599 level.

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.