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Bitcoin cash price analysis: BCH rejected at $619; could there be more downside?

Today’s Bitcoin Cash price analysis favors bearish, as the price is dropping again after reaching a high yesterday. Bulls have made a strong comeback in the last two days, and BCH has gained a large amount of value, particularly yesterday’s jump, which washed away the losses from the previous week as the price reached $619.

After two days of bullish rallying, BCH/USD came under selling pressure, and the price began to fall today. Currently, the price is trading near the $611 support level, followed by another $599 support level. The $621 level, on the other hand, is a degree of resistance.

BCH/USD 1-day price chart: BCH bulls will take a break above $611 resistance

The bears are attempting to smash the $511 support, according to the 1-day Bitcoin Cash price analysis, as the price continues to oscillate lower. However, the BCH has done its best to avoid the negative trend that began on November 10th, consolidating from November 19th to November 23rd before rallying to a new high yesterday. Despite today’s drop, the BCH has gained 8.22% in the last 24 hours and 4.95% over the last seven days, indicating that the surge was significant. However, trading volume has dropped by 29%, and market capitalization has dropped by more than 2%.

Bitcoin Cash price analysis: BCH rejected at $619, more downside to follow? 1
BCH/USD 1-day price chart. Source: TradingView

The BCH is likewise experiencing extreme volatility, as evidenced by the Bollinger bands occupying an increasing amount of chart space. The lower band around $527 represents support for the coin, while the indicator’s mean average at $620 shows resistance for BCH/USD.

The relative strength index (RSI) has started to fall, but it is still at a healthy level of 51. The RSI, on the other hand, suggests that the selling activity in the market is outnumbering the buying activity. After significantly falling along with the price over the last few days, the moving average (MA) is trading below the price level at $582, although the price crossed over the MA yesterday.

Bitcoin Cash price analysis: Recent changes and additional technical indicators

The 4-hour Bitcoin Cash price analysis shows that the price breakout was upwards at the start of today’s session, following yesterday’s bullish advance, but that it has just started spiraling downwards and is currently at $613, soon to retest $611 support.

Bitcoin Cash price analysis: BCH rejected at $619, more downside to follow? 2
BCH/USD 4-hours price chart. Source: TradingView

The Bollinger bands are increasing, with the upper band at $618 providing resistance for the coin and the mean average of the Bollinger bands at $575 representing support for BCH/USD, as the 4-hour chart shows.

After touching the overbought zone’s border, the RSI trades on a downward slope at index 65, signaling market selling activity.

Conclusion

After a steady bulls rise for 24 hours, the Bitcoin cash price analysis suggests correcting the coin. A pullback after such a long upward trend is not vexatious at this time, as corrections are required for a continued upward movement. If the currency continues to fall, it may find support at the $611 level; if that support fails, it may fall to the $599 level.

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