Price Analysis

Bitcoin Cash Trades at a 7-Month High as it Takes a Steep Rise

Bitcoin Cash experiences a steep rise as it hits a fresh 7-month high at $461.50 after June 2019. At the time of writing this article, BCH/USD was trading at $444.98, withholding volatility. Impressive to note that the coin has gained over 150% in two trading months from the 90-day low price of $170.27.

The foremost hard fork of Bitcoin seems to have gained the required pace as it trades independent and unbiased of BTC price trend.

Bitcoin Cash Price News
BCH/USD chart by TradingView

Having analyzed the above comparison chart of BCH and BTC against US Dollar, we see that Bitcoin has impressively hiked above $10,000 in the past 24 hours after October 2019. Bitcoin has had multiple traces above $10,000 in the bygone year, while Bitcoin Cash takes a steep step above $300 in January 2020. Prior to this, the BCH price was consolidating below $300 and had hit the lowest at $170.

Bitcoin Cash Price Analysis:

BCH Price News

Taking a glance at daily BCH/USD movement on Coinbase, we see a semi-circle forming and therefore, we anticipate an even higher trend in the upcoming days. Having said that, we cannot let go of the inherent volatility which is confirmed by the 20-day Bollinger Bands that are seen widening. The current trend is having a breakthrough above the upper 20-day Bollinger Band. The current trading price of Bitcoin Cash is retaining imminent support from the daily 10-day, 50-day and 200-day moving averages at $419.03, $307.14 and $275.25 respectively. Notably, the 10-day and 50-day MA remain within the 20-day Bollinger Band width range and holds a golden crossover as the 50-day daily MA crosses above 200-day MA.

Technicals:

The MACD of Bitcoin Cash is having a bullish crossover as the MACD line cuts the signal line due to an intraday bullish move.

Alongside, the RSI of the BCH coin is hitting at 72.28, above the major resistance at $70 in the overbought zone.

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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.
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