Bitcoin Cash has been declining in the past weeks and has recently touched its support line of $96.07. Like other cryptos, Bitcoin Cash also collapsed as the bears pushed the price towards its lower lows. The BCH price may turn around as bullish candles have formed, and the price shows a hike, recently closing above the recent high of $113.
There has been a significant increment in the price from when the bulls took a u-turn giving an opportunity for an up-trend market. If the bulls continuously put buying pressure, they may take the price to its highs from the current market price of $117.06.
In the 4-hour time frame chart, the BCH price is about to reach resistance as there have been supportive volume toward the bulls. Find out when Bitcoin Cash will reach its resistance in our BCH price prediction.
The RSI had entered the oversold zone; however, the indicator is at 53 and may head towards the overbought zone if the price continues to rise. The volume bars show slight movement; however, a supportive bull volume can be expected if the BCH price closes above the recent highs.
The price of Bitcoin Cash was moving between Bollinger Bands, and as the price got rejected at the lower band, it moved towards the upper bands. The Bollinger Bands being close to each other shows less market volatility.
The indicators show a turn from their bearish zone on the weekly chart. The BCH price has been moving in a parallel range in consolidated momentum as the last 4 weeks’ candles showed remote price movement. Once the price suppresses the downtrend line in the longer time frame chart, a long-term bullish opportunity can be expected.