Bitcoin Cash Price Analysis: BCH Gonna Hit $700 Soon

BCH bounced back from the support of $616.50
  • BCH price action bounced back from $616 to $661 on Saturday’s trading session
  • The 24-hour volume in BCH is at $2,821,198,267 with a 5.66% decrease
  • The BCH/BTC pair was trading at 0.01096 BTC with 0.12%

The 4-hour technical chart of BCH price action forecasts a positive trend. According to pivot points, BCH’s critical support level is placed at $616.50. Whereas if it moves up, the key resistance level to watch is $683.20. While diving into the weekly chart of a 4-hour time-frame, it completes a bullish engulfing candlestick pattern representing bullish reversal with high reliability.

EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) is above EMA-13 (green), which projects a positive trend. The price is sustaining above 8-EMA. Investors may perceive positive crossover in the EMA, and the price will also follow the positive trend.

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RSI indicator (BULLISH), with a value of 60.50, indicates a buy signal in the coin. Moreover, Investors can see an upward slope from 51 to 60 in the index, and it may surge in future trading sessions.

The volume of (51.08K) represents a buying volume which is above the Volume MA (36.42K) of 20-days. High buying pressure is maintained in BCH to drive its price to higher levels.

Buying Volume is Maintained In BCH Price

BCH price traded at $660 with a gain of 3.0% in the last 24-hour and 15.07% up in the weekly time-frame. Furthermore, BCH bounced back from the support of $616.50. In contrast, the market capitalization stands at $12.43 billion. Technically, investors can perceive a positive crossover in EMA, and the price is above the 8-EMA. RSI index showcases an upward slope. Moreover, the price movement can exceed the resistance of $683.20 in future trading sessions.

Resistance: $683.20

Support: $616.50

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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