- BCH price correlation with BTC has decreased from 0.9 to 0.5 in the last few days. It gives the price a way to continue its bullish momentum
- Technical Indicators hints continuation of uptrend in the price. Meanwhile, BCH/BTC pair is also in a gain of 13.6%
Bitcoin Cash is trailing with a gain of 18.19% making it reach the $1600 mark . The correlation between Bitcoin Cash and Bitcoin has decreased overtime. It hints that the price can continue its uptrend. The price may face resistance on the upper side at $1800. While on the downside It can see a bounceback from the level of $1400. The coin price is trading above the 50 and 100 Daily Moving Average.The 50MA (Red) line is at $871,while being a support for the price .The price has seen gain of more than 70% in just seven days. BCH price rally can continue till $2000
BCH is ranked 10th in the cryptoverse with the market capitalization of $29,328,027,588.07.The volume of coin jumped by 3.8% in the last 24 hrs. In contrast the volume to market capitalization ratio is 0.303. It can soon cross the barrier of 0.75 with a huge buying volume.
Technical Indicator Hints A Bullish Momentum For The BCH Price
The weekly technical chart shows a bullish momentum for BCH price. BCH daily chart shows an uptrend till $2000. On the daily time frame the coin has seen a breakout from the accumulation zone.This may take the price to higher levels. BCH/BTC pair might also see significant gains in upcoming days.
The volume indicator for the coin is at 7.6K with very less buying volume. If the price goes above $1700 then a strong buying rush can be seen.
RSI(Neutral):It is at 70.92 marking its presence in the overbought zone.There is a zero slope formation in the RSI which showcases that price may consolidate for a while.The overall sentiment of the RSI is neutral.
Conclusion
BCH price has seen a significant gain in the past few days . Bitcoin cash may touch the mark of $2000 soon. An investor should do their due diligence before investing.
Technical Levels
Major Resistance:$1800
Major Support: $1400
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.