Bitcoin Cash Price Analysis: BCH Rally Reached Near its Previous 52-Week High

• Bitcoin cash (BCH) rally continuous after the breakout from the descending triangle pattern, now next resistance is around $630
• The pair of BCH/BTC is trading near its all-time low at 0.01140 BTC with intraday gain +3.30%

Bitcoin cash (BCH) amid a strong rally after the breakout from the descending triangle pattern and is now placed at $545. The major hurdle on the higher side is placed at $630 if BCH able to sustain above it, then we could expect the levels of $740 and $860 in an upcoming trading session. Presently BCH is trading above the all moving averages of 20,50,100 and 200, which supports the bullish momentum. However, the volume which is required is not enough for the breakout. The resistance on the higher side is situated at $630 and $880, meanwhile support on the lower side is placed at $420 and $380. 

Bitcoin cash (BCH) rally over the monthly chart is trading above the minor resistance of $530. Technical indicators are in favour of bulls, while support on the daily chart is placed at $500 and $480, meanwhile the resistance on the higher side can be considered of $580 and $630.  Presently bch is trading at the level of  $545 with an intraday gain of 5.6%, whereas the volume traded in the last 24-hour period is $7.33 billion. 

Relative Strength Index (Bullish) indicates a bullish Momentum while trading at 76.73. However, it is currently heading towards an oversold zone after correcting from higher levels.

Moving Average Convergence Divergence (Bullish) currently indicates a bullish trend on the daily chart as it is about to give a positive crossover with the significance of the Buyer’s line (green) over the seller’s signal line (red).   

Support levels: $420 and $380

Resistance levels: $630 and $880

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Pratik Chadhokar

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.