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- As buyers’ pressure increased, Bitcoin Cash closed in on a fourth straight green candle
- As buyers retain their hold on the market, the $766-$800 range will likely be targeted during the coming week
- The RSI was well within the bullish-neutral area, while the Awesome Oscillator’s near-term momentum remained weak
As buyers’ pressure increased, Bitcoin Cash closed in on a fourth straight green candle. The latest volumes were similarly consistent with those witnessed in early August, when BCH completed an almost 90% run-up to a local high of $615. Furthermore, the On Balance Volume was climbing towards its May highs, indicating that buyers were on the move.
These were unquestionably encouraging indications in the long term. BCH was trading at $674 at the time of writing, up 1% in the previous 24 hours. As momentum favoured the buyers, Bitcoin Cash traded above all three simple moving averages (20, 50, and 200).
As buyers retain their hold on the market, the $766-$800 range will likely be targeted during the coming week. The $880 level is particularly crucial since a good breakout would allow for a quicker return to the May highs. However, BCH must first overcome certain immediate obstacles.
The price has failed to close above the swing high of $715 set on August 15th, where selling pressure is expected. Second, at the time of publication, the Visible Range observed a high level of interest in BCH. To get through this possible resistance zone, the alt must close strongly above $675. BCH should remain above its 50-SMA (yellow) to keep short-sellers out of the market if sellers do spark a market drop.
Despite recent advances, BCH’s indicators have yet to take control of critical regions. The RSI was well within the bullish-neutral area, while the Awesome Oscillator’s near-term momentum remained weak. The current market trend appeared to be shifting in favour of buyers, according to the Directional Movement Index.
The ADX, on the other hand, remained unchanged at 21. A reading of less than 25 suggests a modest tendency on one side or the other. Because BCH has failed to break beyond $675, the indicators have been cautious in their projections. If BCH fails to overturn critical price levels indicated above in the next few days, it may see a small downturn. However, the underlying purchasing pressure acts as a safety net, preventing a closure below the 50-day moving average.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
