The Support Level of $ 218.00 Plays Out In Favor of Bitcoin Cash

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Bitcoin Cash is able to revive its positive momentum on Thursday’s trading session with the overall gain of 2.50% upfront
  • The major support level of $ 218.00 did the job for the bulls
  • The BCH/BTC pair is also performing positive with an overall gain of 2.45% bringing the current level to 002113306 BTC

Bitcoin Cash is one of another hard fork of BTC which is able to revive its positive movement in 24-hour market session. The price levels faced severe downturns which brought the levels from the price range of $235.00 to the major support level of $218.00. The CMP is $224.06 with a market capitalization of $4,153,752,515 and 24-hour volume traded of $ 1,420,748,228. 

Source: Coinmarketcap

The intraday chart of BCH highlights revival of the bulls in the market with the help of the technical major support level of $218.00. The positive move went to the price level of $226.00 after which a little profit booking activity was observed in the price movements. To capitalize on this positive move gifted by technical aspects, the cryptoasset must sustain above the price level of $220.00. 

Technical Aspects Backs Up The Positive Rally 

Source: Tradingview

The technical chart highlights the significant downtrend faced by BCH from the past couple of months in which the price candle formed an inverse cup and handle pattern which was a bearish signal at that point in time. Currently, the levels are making regular attempts to test the resistance placed at 0.236fib level which somewhat at the price level of $170.00. 

RSI levels have shown a sharp positive divergence and currently standing at 55.08. A further move above 60.00 which provides more positive momentum to the cryptoasset. 

CCI is again reaching the overbought region which is also a positive sign. However, it must avoid any volatile move which could lead the levels to the oversold region. The levels currently stand at 87.67. 

MACD levels have been improved after a bullish crossover which is later followed by a bearish crossover too. 

Where BCH Can Be Headed? 

The current positive move looks sustainable with a strong support level of $218.00. If the positive momentum is continued without any resistance from the overall market conditions, the cryptoasset can target the price level of $235.00 again. 

RESISTANCE LEVEL: $235.00

SUPPORT LEVEL: $218.00

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