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