Bitcoin Cash Price Analysis
Bitcoin Cash price reversed its downtrend at the end of June. It has, since then, been recording higher swing highs and lower swing lows. The bulls seem to now be back with Bitcoin Cash (BCH) as its price line continues to move up and away from the medium-term trend line (downward sloping line in dark green below). Technical indicators are definitely siding with the bulls for Bitcoin Cash presently.
Market momentum with respect to Bitcoin Cash trading is presently good. The relative strength index (RSI) has been rising and is currently (July 27, 10:40 AM UTC) at 51 index points.
Bullish Crossover in Sight
Moving averages, too, are a great technical tool used to predict short-to-medium term trends in price. Presently, the Bitcoin Cash price trend is clearly about to form a bullish crossover. The 14-day moving average (14-DMA) (orange) line is trending upwards, while the 50-day moving average (50-DMA) (purple) line is moving downwards. Continuing with their current respective trends, these lines should cross pretty soon, forming a bullish crossover.
Next Stop: $1,576?
The last such crossover which occurred on April 23rd, led Bitcoin Cash price up to the $1,765 level; a 97% rise from its price ($894) on the day of the crossover. The peak price of $1,765 is a 193% rise from its recent bottom of $603.
Presently, the BCH price recent bottom can be identified at the $655 price level. So, given the high probability of a bullish crossover forming anytime now, BCH price could rise up to $1,920 level (193% above $655). If the crossover is made with the BCH price anywhere near the current $800 level, a 97% rise would mean the next surge to peak at $1,576. So, a conservative figure we could bear in mind for this bullish trend is the $1,576 price level (assuming the trend continues as is). So, investors that have recently made or are planning to make use of the Bitcoin Cash (BCH) bargain, could do worse than to watch the $1,576 price level.