Bitcoin cash price analysis shows a downward trend as the bears regain their strength. The declining momentum caused the coin to lose value significantly and its price dropped to $668 in value. This could be a loss for buyers as the trend unexpectedly reverses after a major event hit the bulls in the last few hours.
BCH/USD 1-day price chart
BCH/USD’s one-day analysis shows that the bulls are regaining ground shortly after leaving some bearish paths. The value of the coin has increased, and its price has increased to $668.18 in the last 24 hours.
The moving average (MA) on the 1-day price chart is $644, while the average Bollinger Bands is $643.71. The short term trend is moving up and the 20 SMA curve is up, as a bullish sign.
Another value of Bollinger Bands is such that the top bar shows $706.14 while the bottom bar shows exactly $609.11. The Relative Strength Index (RSI) is also up due to the current rising wave and reached 57.53 according to Bitcoin Cash price analysis.
Bitcoin cash price analysis: Bears discontinue bullish progression towards $671 resistance
A 4-hour analysis of Bitcoin cash price supports the current decline as the price has dropped to $668.12. The bears are trying to come back and have overcome the ongoing bullish line that has been going on all day.
The price is still above the moving average, ie. Variability is increasing, which is not a positive sign for the future.
When Bollinger Bands expanded, the upper band reached $671.40 and the lower band reached $623. The RSI score dropped to 61.17 and the curve is moving downwards.
The BCH/USD technical indicators chart above is pointing to the buy side as the general trend favors the advance. There are 15 indicators that are in a buy position, while there are 10 indicators in a neutral position and one indicator in a short position.
The moving average indicators also show a strong bullish trend as the prevailing trend over the past week has been bullish. There are 14 indicators at the point of buying, one in the neutral position and no indicator at the point of selling. Going forward, due to the ongoing competition, the oscillator will give a neutral signal, which will lead to a trend reversal. There are nine oscillators in the neutral position and one oscillator in each buy and sell position.
Conclusion on Bitcoin price analysis
From the above 1-day and 4-hour Bitcoin cash price analysis, we can conclude that the bears are in the lead as they have returned from a sustained uptrend.
The bearish momentum caused the BCH/USD price to drop to $668.12. The $671.40 resistance level remains to be broken as the bulls were unable to cross it due to bear pressure.