Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Bitcoin Cash[1] has seen its price rise dramatically over the past 30 days. Since the start of February, BCH has noted gains of close to 100 percent and after having seen a steep uptrend materialize, the coming week may hold a minor price correction for Bitcoin Cash’s price.
At the time of writing, BCH was being traded at $757 with a market cap of over $13.2 billion, making it the ninth-largest crypto, according to CoinMarketCap’s list. The past 24-hours saw, what could possibly be, the start of the price correction phase as the cryptocurrency failed to breach its immediate resistance level.
Bitcoin Cash 1-day chart
Source: BCH/USD[2], TradingView
Bitcoin Cash has been on a steady uptrend for over a month now. However, the strong bullishness the coin has enjoyed over the course of the past month may be falling now. BCH made a few attempts to breach the resistance level at $774, but it is yet to sustain a successful breach. This may trigger a minor price correction for Bitcoin Cash and the coin may need the help of its immediate support at $622 in the coming week to help stabilize its price.
BCH also seemed to enjoy a few other strong levels of support at $539 and $472. However, given the bullish momentum in the larger crypto-market, it is unlikely that the price will test these levels in the coming weeks.
Rationale
With Bitcoin Cash trending north for a long time, the RSI indicator, at press time, was signalling a slight dip in buyers’ interest as the RSI was retracing out of the overbought zone. The MACD indicator underwent a bullish crossover
