Bitcoin cash price analysis: Bulls push BCH past $700 barrier

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TL;DR Breakdown

  • The market is going in the support of buyers.
  • Bitcoin cash price analysis shows price levels rising up to $718.
  • Strong support is present at $590.93 to be precise.

Bitcoin cash price analysis favors buying momentum and shows us a price value of $708.51. The past few hours have been favorable for the bulls for the most part, despite the bulls trying to bounce back. The resistance level has been $708.18, and there is a high possibility of the bulls reigning during the upcoming weeks in the cryptocurrency market.

4 hour Bitcoin cash price analysis shows support at $688.5

The latest Bitcoin cash price analysis is showing the domination of green candlesticks with slight resistance from the red ones. Yet, the latest chart continues to show bullish momentum, with the price resting at $698.51. The average of Bollinger bands is set at $629.6 at the time of writing.

The short-term trend line is moving upward, and the SMA 20 curve is also moving upwards, indicating bullish uphold. The moving average indicator is displaying a value of $696.16, which is the highest value achieved in the past hours.

Bitcoin cash price analysis: Bulls push BCH past $700 barrier 1
BCH/USD 4-hours price chart. Source: TradingView

The RSI score is right now 65.81, which is evidently a positive sign for the cryptocurrency, hinting at the expected pressure from the side of buyers. The volatility seems to be increasing as the Bollinger bands are expanding in favor of the bulls. The upper band is at $698.21, while the lower Bollinger band is set at $600.4, respectively.

1-day BCH/USD chart exhibits bullish prospects

For the Bitcoin cash price analysis, if we look at the daily candlestick chart showing cryptocurrency values is going in the favor of Bitcoin cash with the price rising to $698.18. The past two weeks have proved to be suitable for Bitcoin Cash price growth, with buyers flooding the market. The moving average in the daily chart is showing us the value at $602.54; meanwhile, the volatility is gradually increasing for the bulls.

Bitcoin cash price analysis: Bulls push BCH past $700 barrier 2
BCH/USD 1-day price chart. Source: TradingView

The average of Bollinger bands has reached the figure of $562.96, with its upper and lower strands resting at $654.34 and $471.59 respectively. The Relative Strength Index (RSI) value is 72.24, which is a remarkable benchmark for Bitcoin cash’s market value.

Bitcoin cash price analysis: Bulls push BCH past $700 barrier 3
BCH/USD technical indicators chart. Source: TradingView

The given chart is displaying accurate values of the indicators, which make us understand the current dynamics of the market. The summary is bent towards the bullish side, with 15 indicators on buying side, eight at neutral, and three at the selling side. The oscillators are showing us a selling trend with seven oscillators at the neutral position, one at buying, and the remaining three at the selling point.

The buyers are showing great interest in buying Bitcoin cash assets and increasing the market value of the coin. This is confirmed by the moving average indicator with a total of 14 indicators at buying spot, while one standing as neutral and zero at the selling spot.

Conclusion

From the given Bitcoin cash price analysis, we can say that the bulls seem to be taking over the cryptocurrency with a gradual rise in price. This rise may take the current price levels higher and reach a new high above $714.34. The RSI score as detected from the daily chart is 72.24, which has crossed the over-bought threshold set for the coin value.

This is affirming the upcoming rise in the price if the support level, i.e., $479.59, continues to be the same. The resistance level at $688.21 can be overcome if the future facts and figures remain similar.

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.