New Mining Entity Proving to be a Huge Bullish Aspect for BCH

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 gaining new levels for the month with a significant bullish move upfront. 
  • The BCH/BTC pair is also performing positive with a gain of 3.31% bringing the current level to 0.02286262 BTC

Bitcoin Cash is on a significant positive for the second consecutive day reaching the peak point of $260.00. The CMP is at $258.91 with an overall gain of 2.78% bringing the market capitalization to $4,801,603,285 with the 24-hour volume traded of $2,780,855,397. 

bch 1
Source: Coinmarketcap

The weekly chart reflects the gradual positive momentum built by BCH from the starting of this month. The cryptoasset started this month with a price level of $230.00 and reached a peak price of $260.00 as of now. If the positive momentum continues further ahead in the market, the digital asset can target to reclaim the crucial price level of $300.00. 

The positive move is also backed fundamentally. A new mining entity named HATHOR MM has recently joined the community with a large amount of capturing around 33% of the Bitcoin Cash hashrate. 

Technical Levels Favoring BCH Bulls

BCH TECH
Source: Tradingview

The technical chart highlights the downtrend faced by the cryptoasset in the previous month which is followed by significant price recovery action this month. Earlier, the coin was having difficulty in crossing above the 0.382fib level. However, the bulls came back stronger for the digital asset and even crossed above the 0.618fib level. The price candles are following the bullish curve formed during the positive move which can be a bullish signal ahead in the market. 

The relative strength index is reaching the overbought region which is a positive sign for the cryptoasset. The current level stands at 64.12

The commodity channel index is also prevailing in the overbought region with the current level of 91.54.  

The directional movement index is showcasing extreme bullish nature with ADX standing at 44.6389. 

Is BCH Targetting $360 From This Bullish Move? 

BCH can be targeting the price level of $360.00 if the overall market conditions favor in the same manner. However, to reach the target, the digital asset needs to have sustainability over a certain price range for avoiding any sharp negative divergence in the price levels further ahead in the market. 

RESISTANCE LEVEL: $275.00

SUPPORT LEVEL: $240.00

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