Bitcoin Cash Price Analysis: BCH Bulls Regain Control After Slight Hiccup

Last Updated July 23rd 2021
2 Min Read

Daily Bitcoin Cash BCH Price Forecast
  • Bitcoin Cash price found healthy support at the $500 line.
  • BCH has moderate-to-weak resistance barriers up front.

Following a brief bearish correction, the bulls took back control of the Bitcoin Cash price. Since January 28, BCH rose by $150, going up from $380 to $530. Let's take a closer look with technical analysis.

 

Bitcoin Cash Price Rises Up From $500 Level

After crashing down to the $500 support, the buyers retook control of the Bitcoin Cash price and reached the $530 level. This is the highest that BCH has trended in 3 weeks. The relative strength index (RSI) shows that the Bitcoin fork has more space to grow before it gets overbought.

bch/usd daily chart 021221

Image: BCH/USD daily

BCH bulls face a lack of strong resistance barriers upfront. There is one moderate-to-weak barrier at the $570, wherein 18,500 addresses had previously purchased 80,000 BCH tokens.

bch/usd volume chart 021221

Image: IntoTheBlock

Looking at the 4-hour Bitcoin Cash price chart, there was a drastic dip from $526 to $477. Following that, the buyers managed to recover the prices with six consecutive bullish sessions.

bch/usd  4-hour chart 021221

Image: BCH/USD 4-hour

 

Bitcoin Cash Price Is Expected To Reach These Levels

Bitcoin Cash is expected to make a move till the $570 resistance barrier before BCH faces bearish correction due to getting overpriced.

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.