Bitcoin Cash Price Analysis: BCH Price Breaks Above Consolidation Range

Those who missed the BTC rally can consider BCH a vital alternative
  • After consolidating for nearly two years, BCH has finally given a breakout from a key resistance line followed by excessive volume
  • This token’s price action has formed significant higher highs confirming that that uptrend is inevitable

BCH price on a weekly time frame :

 

On looking at the big picture, we can see that BCH is on the verge of escalating. Although a few pullbacks accompanied the breakout, we can still conclude that BCH is hovering in an uptrend. Taking a glance at the daily time frame, we can see that the price action has formed a striking descending triangle pattern which gave a breakout towards the upside on the 5th of April with a massive green candle proceeding right through it. At point A the price peeked below the horizontal line, and at point B, the price constructed a strong breakout which resulted in a swift upward move. 

BCH price is currently trading at a yearly high! 

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When BCH was about to break the descending triangle chart pattern, we saw a crossover between 20 and 50 EMA, indicating strong bullish momentum. On the 14th of April, the asset established a yearly high at around $837 and will continue to soar higher. 

The RSI has entered the overbought region at the 71 range and is most likely to get rejected from that territory. The price looks that it will potentially touch the 20 and 50 EMA, which will act as strong support levels for the asset at $631 (20 EMA) and $571 (50 EMA). The price of BCH has jumped more than 65% from its lowest level in March. If the bulls manage to flip the resistance level of $837 as support, we will be eyeing another yearly ATH. 

CONCLUSION 

With the coinbase IPO getting listed today, all cryptocurrencies’ overall market sentiment is highly bullish. Even though BCH is trading at its yearly peak, this is a fantastic opportunity to stack this currency as this yearly ATH might be the tip of the iceberg. BCH is not heading in a parabolic move and is steadily making higher highs followed by pullbacks makes it one of the less volatile ones. Those who missed the BTC rally can consider BCH a vital alternative. The total market cap for cash worldwide is significantly larger than the total market cap for gold around the globe, which makes BCH a much more attractive investment and a tool to bring more economic freedom to the world. 

SUPPORT : $670, $631 and $571

RESISTANCE :   $837, $869 

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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