Home
News
- Bitcoin cash price analysis shows a growth of 62% within last 18 days
- Bitcoin cash price expected to shoot up after breaking the level of $800
BCH has been giving rise to a new all-time high since the start of the year. However, after doing so, the price has been dipping to the earlier support level to bounce back and create a new high. The recent high of $781 was the entry point of bears to drop the price below $509, i.e. 0.5 Fibonacci level. A double bottom pattern could also be seen in the daily timeframe bringing the possibility of a sudden shoot up in price shortly. The market capitalisation of the coin is $13,082,822,941 (+4.90%) and the 24-hour volume is $3,959,541,956 (+40.21%). An increase in the market cap and the volume ensure bulls’ presence, trying to lower the price.
ROUNDING THE BOTTOM TO RAISE THE TOP
The double bottom pattern in the daily time frame, along with the rounding bottom pattern in the 4-hour time frame, points toward the expected bull run. The resistance level of $745 is the next hurdle for bulls. The price could be expected to get rejected once or twice from this level before the breakout. The recent high of $781 could also project resistance. Hence, it must be taken into account. The support from 50 EMA (yellow) proves to help bulls out.
The relative strength indicator (bearish) at the value of 65 is near the overbought region implying the rejection from the next resistance level.
50 EMA (yellow) providing support from the start of April has helped bulls in their run. 50 EMA is above 200 EMA(white), representing a bullish trend.
Conclusion
A new all-time high is a possibility shortly. However, rejection from resistance levels must be noted before entering the trade.
Support – $550 along with the 50 EMA and 200 EMA
Resistance – $745, $781, $800
