Bitcoin Cash Price Analysis: BCH Downtrend Stopped BY $475 Support

Last Updated July 23rd 2021
1 Min Read

Daily Bitcoin Cash BCH Price Forecast
  • The Bitcoin Cash Bollinger band has started expanding.
  • IOMAP shows the $475 support is particularly strong.

Over the last 10 days, the Bitcoin Cash price lost $80 in its overall validation, dropping from $595 to $515. In the process, it flipped the 20-day and 50-day SMAs from support to resistance. This Thursday, after repeated attempts to break above the 20-day SMA, the price crashed to $475.

Bitcoin Cash Price Volatility Reverses

The Bollinger band for Bitcoin Cash price has started expanding, which shows that the price volatility is on the rise. Over the last seven days, the Bitcoin Cash price has faced repeated rejections at the 50-day and 20-day SMAs.

bch/usd daily chart 032621

Image: BCH/USD daily

On the downside, the $475 price line is particularly robust, with 62,000 addresses purchasing 1.70 million BCH tokens. This level is robust enough to absorb a lot of selling pressure and keep the Bitcoin Cash price up.

bch/usd volume chart 032621

Image: IntoTheBlock

Bitcoin Cash Is Expected TO Reach These Levels

The Bitcoin Cash price has bounced up from the $475 support and jump up to 20-day SMA ($530).

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