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- Bitcoin cash significant potential of an uptrend by reclaiming the sustainable price level of $230.00 in the market.
- However, the BCH/BTC is facing a marginal loss of -0.20% bringing the current level to 0.02128904.
- Now, the price activity for the digital asset is the aspect to look out for as its sustainability is required but still doubtful.
The intraday price chart reflects the strong bullish sentiment build by BCH during the past couple of days. However, the crypto asset was struggling to cross the resistance mark of $230.00 after making several attempts. But on Thursday’s market session, it broke the resistance mark and reached its day-high of $233.30 at the time of writing. The bulls might have a helping hand of overall market conditions where bitcoin broke above the crucial mark of $10900 and Ether broke above $370.00 respectively. The bullish sentiment of BTC might help significantly to BCH for making further price recovery actions in the market.
The current price of BCH is $232.64 with an overall gain of 1.81%. The market capitalization stands at $4,311,421,072 with the 24-hour volume of $1,438,877,372. Breaking above the resistance mark of $230.00 is one of the targets for which the digital asset was aiming and achieved successfully. Now, another hurdle in front lies the sustainability over the price level. BCH has fallen below $230 after reclaiming it on several past occasions. If the bulls can sustain and the overall market conditions favor this positive move, we might expect BCH to reach the starting levels in September of around $270-280 following the price recovery mode.
Bitcoin Cash (BCH) Technical Analysis
The technical chart on monthly basis highlights the significant downtrend faced by BCH which was able to form an inverse cup and handle pattern in the candlestick chart. The cup consists of its high level of $322 from where the signs of a downtrend emerged in the market. The handle consists of recovery and attempts to avoid a sharp downfall and attempting to reclaim the crucial mark of $300.00 in which it was failed. Fib retracement levels show that the area above the level of 0.236 is where bch gets its sustainability and currently the levels are trying to break above the same level which is a positive sign for the cryptoasset.
MACD levels are indicating a possible bullish crossover for BCH ahead in the market.
RSI levels nearly avoided the overbought region which might provide the levels a sharp divergence and currently the levels are looking bullish standing at $67.86.
Resistance level: $230.00 and $241.00
Support level: $220 and $218.00
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
