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Bitcoin Cash Price Analysis: BCH finds support at $501, gears up for an uptrend?

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  • Bitcoin Cash price analysis is bearish for today, down by 8%.
  • The cryptocurrency has found support at $501, while the nearest resistance is at $545.
  • The entire crypto market is down owing to the China crypto crackdown news.

Bitcoin Cash price analysis for today is bearish since the cryptocurrency price is trading at $505. The 24-hour trading volume for the cryptocurrency has surged by 5.98%, while the market capitalization of Bitcoin Cash fell by 6.96%. According to the data by Coinmarketcap, the market dominance of BCH is currently at 0.51%.

Today, Bitcoin and other major altcoins have fallen by huge percentages. It is an undocumented protocol of the crypto market that the majority of altcoins will fall if Bitcoin fails to maintain an uptrend.

Bitcoin Cash price fell from $552 and is currently at $505. The investors suffered losses today. The nearest support for the BCH/USDT pair is found at $501, while the nearest resistance is at $545. The movement is a downtrend in the short term, and it seems that the buying pressure is unable to match the selling pressure.

Bitcoin Cash price analysis: Technical Indicators bearish

The Bitcoin Cash price analysis shows that the technical indicators on the 4-hour chart are bearish while the Bitcoin Cash price is hanging above the $501 support. This support level seems to hold for now while the bulls try to push the price towards the resistance at $545.

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The key Moving Averages are high above the price action, and things have been like this since 7th September. Both the 100-day and the 50-day Moving Averages are far from the BCH price action, indicating a bearish trend in the short term. This month started with a bullish scenario, but it seems that it will end on a bearish note.

A few days ago, we saw the BCH/USDT price action break out of the lower end of the Bollinger Bands. Yesterday, the coin rose from $547.6 and surged to $552.7, trying to break out from the upper end of the Bands. However, unable to breach the 545 USD resistance, the price fell, and now, it seems that the price action will try to break out from the lower end of the Bollinger Bands.

Bitcoin Cash price analysis
Bitcoin Cash price analysis on the chart by TradingView

Bitcoin Cash price analysis shows that the price of RSI level has turned bearish. The current RSI gives a reading below 40 but above 20. This implies that the BCH/USDT pair is not oversold but quite high selling pressure. The gradient is slightly negative but might turn positive if bulls take charge and buying pressure increases.

The MACD indicator shows that the blue line or the MACD line has fallen below the signal line or the orange line. This is called a bearish divergence and means that the price action will turn bearish in the short term. The histogram has started to turn red after a few green ones. It seems that we might see the price action to break down below the $501 support.

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Bitcoin Cash price analysis
Bitcoin Cash price analysis on the chart by TradingView

Bitcoin Cash price analysis: Conclusion

Bitcoin Cash price analysis can be concluded on a bearish note as the price is currently trying to hold above the $501 support. This is a very crucial support for BCH/USDT, and day traders should keep an eye on this one. Also, if you are searching for the long term Price Prediction of Bitcoin Cash, visit here.

Bitcoin Cash

Bitcoin Cash Forecast November 29 — December 3, 2021

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Bitcoin Cash ends the trading week at 555.24 and continues to move as part of the correction and the formation of the ”Triangle” pattern. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines downward, which indicates pressure from the coin’s sellers and a potential continuation of the fall. 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 540.55. From where a rebound is expected again and an attempt to raise the Bitcoin Cash cryptocurrency with a potential target above the level of 1170.05.

Bitcoin Cash Forecast November 29 — December 3, 2021

An additional signal in favor of raising the BCH/USD quotes in the current trading week November 29 — December 3, 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 ”Triangle” pattern. Cancellation of the option to raise Bitcoin Cash cryptocurrency next trading week will be a fall and a breakdown of the 385.05 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 215.05. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 825.05, which will indicate a breakdown of the upper border of the ”Triangle” model and the beginning of its development.

Bitcoin Cash Forecast November 29 — December 3, 2021

Bitcoin Cash Forecast November 29 — December 3, 2021 implies an attempt to test the support area near 540.55. Then continued growth to the area above the level of 1170.05. 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 385.05 area. This will indicate a continued decline in cryptocurrency with a target below 215.05.

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Bitcoin Cash Token Rebounding Back, From Demand Zone.

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  • Bitcoin cash token over the monthly chart is trying to rebound, after testing the support or demand zone at the lower side. 
  • The crypto asset is currently trading below its all vital moving averages of 20, 50, 100 and 200-day lines, with average volume activity. 
  • The pair of BCH/BTC is trading at 0.01042 BTC with an intraday dip of +0.46%, and the ratio of BTC/ETH is CMP at 0.1377 ETH with a 24-hour change of +0.79%.  
Chart of BCH/USD by Tradingview

Bitcoin cash token at the monthly chart has been trading near the short term support zone, since the past few trading sessions. Moreover, the volume activity is average and needs to grow strongly for a strong reversal from lower levels. BCH is currently trading below all vital moving averages, with no sign of strong reversal at the current situation. Now, the crypto asset falls below all critical lines of moving averages of 20, 50, 100, and 200-day lines. Since the crypto asset is trying to bounce back from the support zone and the sustainability above the support line can boost more buyers. Support on the lower side is $520 and $490, whereas resistance on the higher side is $620 and $690.

Bitcoin cash token at the weekly chart is trying to rebound

Chart of BCH/USD by Tradingview

Bitcoin cash token at the weekly chart is trying to rebound, after a sharp decline from the higher levels. Meanwhile, the technical parameters are heading higher after a sharp decline from higher levels. Slightly the volume activity is also increases and trying to jump above the average line. The digital asset witnesses slight buying action from the lower levels and is recovering from the oversold zone. BCH’s price is trading at $567 with an intraday gain of -6.16%, and the volume to market cap ratio is 0.1478.  

Relative Strength Index (BULLISH): Bitcoin cash token RSI is heading higher after recovery from lower levels. In contrast, the coin is trading near the lower area and can project a slight recovery with upcoming buying action, RSI at 43. 

Moving Average Convergence Divergence (BEARISH): The daily chart projects a bearish trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) is under pressure below the seller’s line (red) with a negative crossover. 

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Bitcoin Cash (BCH/USD) forecast and analysis on November 26, 2021

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 612. 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 upper border of the Bollinger Bands indicator bars.

Bitcoin Cash (BCH/USD) forecast and analysis on November 26, 2021

As part of the Bitcoin Cash forecast, a test of the level of 590 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 650. The conservative buying area for Bitcoin Cash is located near the lower border of the Bollinger Bands indicator bars at 540.

Bitcoin Cash (BCH/USD) forecast and analysis on November 26, 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 530 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 November 26, 2021 implies a test level of 590. Further, growth is expected to continue to the area above the level of 650. The conservative buy area is near the area of ​​540. Cancellation of the cryptocurrency growth option will be the breakdown of the level of 530. In this case, we should expect continuation of the fall.

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