- Bitcoin Cash price is expected to fall further
- The closest support level lies at $1250
- BCH faces resistance at the $1600 mark
After climbing to the $1,500 mark, Bitcoin Cash price failed to continue its bullish rally, and the price has seen a steady decline ever since now. While the buyers defend the price at just below $1360, the bullish pressure has increased recently, and the Bitcoin Cash price will hence increase in the short term to above the $1360 mark.
The broader cryptocurrency market enjoys a bullish sentiment across the last seven days, with most major cryptocurrencies recording profits across the timeframe. Major players include ADA and DOGE that record a 32.77 and a 37.36 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 2.37and a 32.27 percent hike.ç
Technical indicators for BCH/USDT
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the Bitcoin Cash price stayed just above the 40.00mark. Moreover, the 26-EMA still trades above the 12-EMA, the difference between the two is significant, and the chances of them showing a reversal are low.
The RSI is currently trading in the neutral zone a little below the 56.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past three days. At press time, the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.
The Bollinger bands are currently narrow but will expand rapidly in the immediate future as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the BCH price in the short term. However, as the price is consolidating below the bands’ mean line, the bands will be leaning downwards for the next few candlesticks.
Overall, the 4-hour technical analysis issues a buy signal with 12 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only five indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 14 of the 26 indicators suggesting a bullish movement against only three indicators suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Bitcoin Cash price?
Bitcoin Cash price is under strong bearish pressure after the rejection at the $1,600 mark. The buyers failed to hold BCH above the $1,400 support level enabling the price action to move further below. Currently, traders should expect the Bitcoin Cash price to fall further as the nearest support level lies at the $1,250 mark.
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