Bitcoin Cash (BCH) Analysis: Bitcoin Cash Trading Price Bounced Back With Positive Crossover Above $450

  • Bitcoin Cash trading had been volatile on Friday’s market session while facing a negative breakout below $430 and then bouncing back with a gain of 2.00%
  • The BCH/BTC pair has also turned positive with an overall gain of 2.02% bringing the current level to 0.01099 BTC 

Bitcoin Cash Turns Positive After Touching Support Line 

Source: Coinmarketcap

The weekly price performance of Bitcoin Cash highlights its multiple bullish attempts for testing the critical resistance point placed at $480.00. During the first attempt, Bitcoin Cash trading price faced retracement from the price mark of $450.00. However, during its second attempt, the price levels successfully tested the resistance zone but were unable to have a positive breakout resulting in a negative trend for the day. Meanwhile, Bitcoin bulls certainly helped the crypto asset as the price levels are testing another bullish milestone of $41000.00. Therefore, BCH is now trading above the crucial mark of $450 with the CMP of $452.54 at the time of writing. The market capitalization is placed at $8,384,087,214 resulting in a gain of 1.17%. The 24-hour volume traded has reached $8,943,576,001 causing an incline of 26.90%. 

Bitcoin Cash Trading At Bullish Regime Afresh

Source: Tradingview

The technical chart of Bitcoin Cash highlights the bullish momentum forming a rising channel pattern. However, after reaching the critical resistance area around $480.00, the price levels faced sharp negative divergence resulting in the testing of the support line placed at 0.236fib level. The crypto asset received a positive bounceback from the support line and now looking at the potential to create another rising channel pattern with aim of retesting the critical resistance area again. 

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The relative strength index (RSI) is showcasing a positive nature with the current level of 69.72 targeting the overbought region. 

The moving average convergence & divergence (MACD) also had a bullish crossover through which the levels had bounced above the signal line.  

Resistance Level: $480.00 & $520.00 

Support Level: $410.00 & $380.00 

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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.

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