TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin Cash Price Analysis: BCH/USD in reversal after an action packed weekend

  • Bitcoin Cash revived the uptrend over the weekend adding more than $60 to its value on Friday last week.
  • A reversal is underway and could last longer based on the RSI and MACD’s trend.
Bitcoin Cash Price Analysis: BCH/USD in reversal after an action packed weekend
John IsigeJohn IsigeFXStreet

Bitcoin Cash has an incredible trading session over the weekend and especially on Sunday. Looking at last week's trading activity, BCH plunged to lows under $300 on Friday. Bullish action on the same day pulled Bitcoin Cash above $320. However, resistance mainly from the 50 SMA on the 1-hour chart stopped the bullish action and opened the door for a retracement back to $300.

The price action on Sunday was arguably impressive with Bitcoin Cash not only defending the support at $300 but also reviving the gains toward $400. Hurdles such as the 50 SMA, $32, the 100 SMA around $330 and $340 caved in allowing for more gains. Bitcoin Cash stepped above $360 but could not sustain gains towards $400.

At the time of writing, BCH is trading has managed to hold onto 13% gains made in the last 24 hours. It is teetering at $352 but also nurturing a reversal movement. It is essential that $350 comes out as a formidable support area to prevent a possible dip in the direction of $300.

The oversold condition of the RSI is contributing to the reversal movement. Besides, sellers seem to be gaining momentum supported by the declining MACD. For now, the path of least resistance is downwards.

BCH/USD 1-hour chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

XRP Price Prediction: XRP tests major support at $1.00

XRP Price Prediction: XRP tests major support at $1.00

Ripple (XRP) remains pressured on Friday, trading around $1.03 at the time of writing. The token appears to hold this current level as support but lacks a catalyst to sustain a knee-jerk rebound toward the next key resistance at $1.10.
Top AI Coins Forecast: Chainlink, Near Protocol and Bittensor broadly stabilize after sell-off

Top AI Coins Forecast: Chainlink, Near Protocol and Bittensor broadly stabilize after sell-off

The cryptocurrency market is stabilizing on Friday as prospects for de-escalation in Middle East geopolitical tensions improve. Artificial Intelligence (AI)-focused tokens such as Chainlink (LINK), Near Protocol (NEAR), and Bittensor (TAO) continue to face selling pressure, yet are defending key technical support levels.
Bitcoin’s volatility has nearly disappeared – The risk hasn’t

Bitcoin’s volatility has nearly disappeared – The risk hasn’t

Spot Bitcoin ETFs are yet to see outflows this month, bringing in $754 million in the first week of August. Yet, Bitcoin remains steady at $64,700, while options flow favors protection at $62,000 and $63,000. The opposing signals point to a market with a spot bid but limited conviction.
Crypto Today: Bitcoin, Ethereum hold steady, XRP decline nears $1.00 amid easing geopolitical tensions

Crypto Today: Bitcoin, Ethereum hold steady, XRP decline nears $1.00 amid easing geopolitical tensions

Cryptocurrency prices are relatively stable on Friday, with Bitcoin (BTC) edging higher above the immediate $64,000 support. Ethereum (ETH) holds fairly above the short-term $1,900 demand area, as bulls target a potential breakout. Meanwhile, Ripple (XRP) maintains a dominant bearish outlook, edging lower toward the crucial $1.00 support.
Bitcoin: Can bulls weather the market uncertainty?

Bitcoin: Can bulls weather the market uncertainty?

Bitcoin (BTC) remains resilient, trading above $65,000 on Friday, with bulls defending key support despite cautious market sentiment. US-listed spot Bitcoin Exchange-Traded Funds (ETFs) showed strong inflows through Thursday, pointing to renewed institutional demand.