In the April to mid-May period, Bitcoin Cash has been trailing at its high of $1642, after which the coin started to fall majorly and reached its support level of around $400. Bitcoin Cash bulls began to push prices higher after making a brief low of $384 on July 20, 2021. Seeing support at levels of $400-$500 started to rally.
A strong up move was then witnessed in the counter as prices scaled almost $400 to double the BCH in value and close around $800 in the first week of the last month. However, the price revival was short-lived, selling pressure around the $800 mark got prices back into a bearish tone, and the market for BCH fell rapidly to reach the previously tested support zones of near $500.
Support was well found at these price levels, which pushed the coin back to $600 currently. Two key swing high reversal points over the last 4-6 months can be joined to discover a downward sloping trendline on the Daily chart.
We notice that BCH price has breached the resistance of $600 by the trendline as mentioned above. The price of Bitcoin Cash is moving sideways, and if it can get closed above $650, which is the high of the recent candles being formed, then we can expect a major upliftment of the coin.
There is a consolidated movement of BCH price with a combination of lower highs and lower lows, not giving any clear evidence of an uptrend. RSI being at 55, is at a neutral level and is on the way to the overbought zone. The prices may uplift to reach the overbought zone.
Bollinger bands are narrow, and there has not been much movement in prices. The MACD line being above the signal line indicates a buy move for the bullish investors. If Bitcoin Cash crosses $650, we can expect a minimum target of $750 to $800 depending upon investors’ sentiments at that moment.
In the long run, bullish traders can expect a huge return if the price crosses the first instance of $803. Traders can use the current price level to grab an excellent trading opportunity. The BCH price being at a crucial level along with technical parameters may result in enormous profits hoping the price moves in bullish momentum.
