Bitcoin Cash Breaches 3-Month Resistance and Retains Support

Bitcoin Cash (BCH) moves in unison with Bitcoin SV along with Bitcoin and has been breaching 3-month resistance around $279.8. Alongside, BCH is facing a strict rejection above $279 and $280 but is holding strong support at $200 with moderate volatility. The coin held a soaring momentum and has marked a progression of approximately 29% from trading around $216 to $279 in less than a fortnight.

Bitcoin Cash breached 3-month resistance yesterday, and addition to that, altcoins like Zcash, Monero, Ethereum, XRP, etc., were seen strengthening. It was just yesterday when Bitcoin breached above $10k after a notable 30-day consolidation against the greenback. The BCH price pump is visible as the market gears up.

Bitcoin Cash Price Analysis

Bitcoin Cash price
BCH/USD Price Chart by TradingView

Bitcoin Cash, after having a lateral trade in the past three months, is now exhibiting a surge in the price due to recent acceleration and steep growth since the last 8-10 days. Hard forked out of Bitcoin, Bitcoin Cash is back to regain the lost momentum and traction with strong support at $204, followed by $200.

Moreover, the coin attempted thrice to rise above $260 while otherwise was trading around $250 to a major extent. Bitcoin Cash in the previous month was drawing a downtrend and reclaimed a low at $204 while started the ongoing month with a bullish sentiment. Moreover, as we near the closing of the month, BCH is believed to end with a positive sentiment only.

BCH News

Bitcoin Cash on the 3-hourly chart over the past four weeks is now drawing a parabolic rising pattern, and the price trend of BCH/USD is hitting the upper 20-day Bollinger Band. The coin is retaining complete support from 50-day and 200-day daily MA around $245 and $230, respectively.

With a gain in momentum in the intraday, the Bollinger Bands are seen widening, and therefore, we project moderate volatility. Bitcoin strengthening has led to gaining momentum of its peers and its hard forks, which shows the influence of the former.

The technicals confirm the positive sentiment of the market, and the MACD curve is seen crossing above the signal line while the RSI breaches the overbought zone and lies at 72.22 on the 3-hourly chart. The major support and resistance to watch out for lies at $270 and $280, respectively. According to BCH forecast, investing in Bitcoin Cash for the short term might not be as fruitful as the long term for the investors.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Back to top button