Bitcoin Cash Price Prediction: Momentum Builds for BCH as Technical Indicators Favor Upside

The #Bitcoin Cash price has displayed intriguing behavior in its recent 4-hour chart patterns, suggesting potential future movements that traders and investors alike should be keen to understand.

The closing prices for $BCH have been on a rollercoaster ride, with notable fluctuations from $666.6 to $658.6, dropping slightly to $657.3 before surging to $705.8, and then settling at $690.5. This volatility is mirrored in the asset's technical indicators, which paint a detailed picture of its market dynamics.

The 9 EMA (Exponential Moving Average) and 20 EMA serve as critical indicators of the asset's short-term and longer-term momentum, respectively. The 9 EMA readings suggest that the short-term momentum is gaining strength, especially when observed alongside the rising 20 EMA values from $645.776 to $657.010. This alignment indicates a bullish momentum, where the price is consistently supported and pushed higher by the moving averages.

Moreover, the MACD (Moving Average Convergence Divergence) values highlight a strengthening bullish sentiment. With the MACD line surpassing the signal line across consecutive periods, culminating in a histogram value of 3.244, the momentum appears to be in favor of the bulls, suggesting that the asset could be gearing up for further upward movements.

The RSI (Relative Strength Index) readings further validate the bullish momentum, with the index peaking at a healthy 63.45 before slightly retracting to 59.41. This indicates that while the asset is well within the buying territory, it hasn't yet reached the overbought region, leaving room for upward movement.

Traders should monitor the resistance level at $697.2 closely. A sustained break above this level could pave the way for further gains towards the next resistance zones. On the flip side, support levels at $598.8, $592.3, and $572.4 stand as crucial safeguards against potential downturns.
#BCH #BullorBear
The full analysis and trade strategy were posted on ecoinimist.