- Bitcoin Cash price has fluctuated between $415 and $398 in the last 24 hours.
- The BCH/USD market is moderately volatile today with an overall bearish sentiment.
- Good chances of a short-lived recovery in the next few hours due to some bullish momentum.
- Bitcoin Cash has been bearish throughout the last week.
- The market is expected to take another plunge over the next 24 hours.
Our Bitcoin Cash price analysis today shows that the market is moderately volatile with highly bearish sentiments. Although, there are some chances for the market to retrace to yesterday’s high of $432. Overall, a pattern of steep dips followed by consistently bullish hours can be seen today in the market.
At large, the cryptocurrency market is trading in the red zone today. Most altcoins along with Ethereum and Bitcoin are constantly on the loss. For instance, a decrease of 2.1 percent is seen in Ethereum whereas Bitcoin has lost over 3.4 percent.
Our 1-day graph of Bitcoin Cash price shows that the market is constantly falling on a regular basis. With the price currently fluctuating around the $398-mark, Bitcoin Cash has mostly been bearish throughout the last week.
Furthermore, the MACD analysis of the Bitcoin Cash price trends shows red histograms over the last 4 days. The increasing resistance could lead to a further downfall in the price over the next few days.
Bitcoin Cash Price 24-Hour Trends
In the last 24 hours, the Bitcoin Cash price has fluctuated between $415 and $398. Today, the market is moderately volatile with steep dips observed consistently from 1:00 to 4:00, where the price fell from $405 to $392. However, in the last few hours, some recovery can be seen with increasing bullish momentum.
Bitcoin Cash might be gearing to retrace some of the recently lost value. However, the market’s volatile nature today makes it hard to predict. Over the next few hours, the chances of a short-term increase in the price are high. Currently, with a market cap of $8.24 billion, BCH/USD stands in the 13th rank.
RSI levels in our 1-hour chart show a slightly increasing slope just above the 44 levels. This is a good indication, as the market is currently stable. With that, the MACD analysis also reveals a buildup of bullish momentum.
BCH/USD 4-hour Chart – Bitcoin Cash Price expected to take another plunge
While in the short-term there are good chances of retracing up to the previous support levels of $415, the long-term predictions are bearish. Our 4-hour chart reveals that the resistance momentum has increased considerably in the last 4 hours with the RSI’s decreasing slope ready to touch 33.
In the bigger picture, the market is still undervalued, and a further plunge can be expected in the next 24 hours. Hence, it might not be the best time for an investment.
Conclusion – Could BCH/USD Rise to the Previous Support Line of $420?
Not too long ago, Bitcoin Cash retested the previous resistance point of $450. However, since then it has gone down to the current support line of $385. In the recent hour, the Bitcoin Cash Price has shown good signs of a short-term increase.
However, the current patterns must remain consistent for it to establish support at $420. Considering the high volatility and overall bearish sentiment, that seems unlikely today. Instead, there are chances for Bitcoin Cash to take further plunges before achieving some stability.