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Bitcoin Cash price analysis: BCH to move below $600 support level

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The Bitcoin Cash price analysis shows that the bears dominate the asset’s price action as BCH continues its downwards movement. On the other hand, the market volatility and the recorded trade volumes have shown a significant decline in the past few days compared to the start of September. 

The broader cryptocurrency market observes a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include Elrond and EOS recording a 6.89 and a 6.42 percent decline respectively.

 

Bitcoin Cash price analysis: Bears dominate the market

Bitcoin Cash price analysis: BCH to move below $600 support level 1
Technical indicators for BCH/USDT by Tradingview

Across the technical indicators, the MACD is currently bearish as exhibited by the red histogram showing seller dominance at press time. The indicator observed a bearish crossover two days ago and has remained red since. However, the recent hours have observed a declining in bearish momentum as BCH finds short-term support at the $610 mark. 

The EMAs are currently moving downwards showing strong selling activity in the markets. The 12-EMA is currently moving with a steeper slope suggesting further divergence from the 26-EMA. 

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The RSI has remained neutral for the last ten days since briefly dipping to overbought region on September 7. Currently the RSI trades at a low level near the 40.00 index unit mark showing low bearish dominance. The indicator is currently moving downwards suggesting a selling pressure at the current price level. The indicator’s current position leaves room for downwards movement before a trend correction

The Bollinger Bands are currently narrow but do not show further convergence or divergence. Instead, both the indicator’s upper and lower limits move with a slight decline as BCH continues to observe low volatility in a bearish trend. While the bands suggest bearish dominance they also show that volatility will remain low in the short-term. 

Technical analysis for BCH/USDT

Overall, the 4-hour Bitcoin Cash price analysis issues a sell signal with 16 of the 26 major technical indicators suggesting a downwards movement for BCH across the timeframe. On the other hand, none of the indicators issue support for the bulls suggesting little to no buyer activity in the markets. At the same time, ten indicators remain neutral and do not issue support for either side of the market. 

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The 24-hour Bitcoin Cash price analysis shares this sentiment and shows 14 indicators suggesting support for the bears against only two indicators suggesting an upwards movement. Meanwhile, the remainin ten indicators sit on the fence and do not issue any signals at press time. The analyses’ negative sentiment suggests that BCH may observe a downwards breakout from the channel. 

What to expect from the Bitcoin Cash price analysis?

Bitcoin Cash price analysis: BCH to move below $600 support level 2
4-hour price chart by Tradingview

The Bitcoin Cash price analysis suggests further consolidation as the trade volume and the market momentum remains low. However, the price can be expected to observe a downwards breakout from the channel falling to the $600 mark and below. The mid-term technical analyses support this suggestion and suggest a drop to the $580 mark.

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Bitcoin Cash

Bitcoin Cash (BCH/USD) forecast and analysis on October 21, 2021

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 609. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator bars.

Bitcoin Cash (BCH/USD) forecast and analysis on October 21, 2021

As part of the Bitcoin Cash forecast, a test of the level of 597 is expected. Where can we expect an attempt to continue the growth of BCH/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 640. The conservative area for buying Bitcoin Cash is located near the lower border of the Bollinger Bands indicator bars at 595.

Bitcoin Cash (BCH/USD) forecast and analysis on October 21, 2021

Cancellation of the option to continue the growth of the Bitcoin Cash rate will be a breakdown of the area of ​​the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and closing of quotations of the pair below the 580 area. This will indicate a change in the current trend in favor of the bearish for BCH/USD. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of the cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on October 21, 2021 implies a test level of 597. Further, growth is expected to continue to the area above the level of 640. The conservative buy area is near the area of ​​595. Cancellation of the cryptocurrency growth option will be the breakdown of the level of 580. In this case, we should expect a continuation of the fall.

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Bitcoin Cash Forecast October 18 — 22, 2021

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Bitcoin Cash ends the trading week at 628.37 and continues to move as part of the rally and the bullish channel. Moving averages indicate a bullish trend. Prices broke the area between the signal lines upward, which indicates pressure from buyers of the coin and a potential continuation of the rise. As part of the BCH/USD rate forecast for the next trading week, we should expect an attempt to reduce the value of a digital asset and a test of the support area near the level of 435.05. From where a rebound is expected again and an attempt to raise the Bitcoin Cash cryptocurrency with a potential target above the level of 1175.05.

Cryptocurrency Bitcoin Cash Forecast October 18 — 22, 2021

An additional signal in favor of raising the BCH/USD quotes in the current trading week of October 18 – 22, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise Bitcoin Cash cryptocurrency next trading week will be a fall and a breakdown of the 305.05 area. This will indicate a breakdown of the support area and a continued fall in BCH/USD quotes with a target below the level of 125.05. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 885.05.

Cryptocurrency Bitcoin Cash Forecast October 18 — 22, 2021

Cryptocurrency Bitcoin Cash Forecast October 18 — 22, 2021 suggests an attempt to test the support area near 435.05. Then continued growth to the area above the level of 1175.05. An additional signal in favor of the rise in Bitcoin Cash will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 305.05 area. This will indicate a continued decline in cryptocurrency with a target below 125.05.

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Bitcoin Cash (BCH/USD) forecast and analysis on October 13, 2021

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Bitcoin Cash (BCH/USD) forecast and analysis on October 13, 2021

Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 587. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bars.

Bitcoin Cash (BCH/USD) forecast and analysis on October 13, 2021

As part of the Bitcoin Cash forecast, a test of the level of 570 is expected. Where can we expect an attempt to continue the growth of BCH/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 630. The conservative buying area for Bitcoin Cash is located near the lower border of the Bollinger Bands indicator bars at 560.

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Bitcoin Cash (BCH/USD) forecast and analysis on October 13, 2021

Cancellation of the option to continue the growth of the Bitcoin Cash rate will be a breakdown of the area of ​​the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of quotations of the pair below the 540 area. This will indicate a change in the current trend in favor of the bearish for BCH/USD. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of the cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on October 13, 2021 implies a test level of 570. Further, growth is expected to continue to the area above the level of 630. The conservative buying area is near the area of ​​560. Cancellation of the cryptocurrency growth option will be a breakdown of the level of 540. In this case, we should expect a continuation falling.

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