Bitcoin Cash (BCH) has experienced a surge of 100% in just one week, leading to speculation about the factors behind this remarkable upward movement. Despite the significant price increase, BCH faces challenges in breaking above the $220 level, which could potentially trigger a bearish correction. The current price of Bitcoin Cash (BCH) stands at $203, accompanied by a 24-hour trading volume of $1.3 billion. As per CoinMarketCap, Bitcoin Cash holds the #20 rank, boasting a live market capitalization of $3.9 billion. The circulating supply of BCH coins amounts to 19,430,469, with a maximum supply capped at 21,000,000 BCH coins.
Technical Outlook for Bitcoin Cash
Bitcoin Cash (BCH) has made a significant breakthrough by surpassing the double top resistance level at $120, indicating a bullish trend in its price movement. On the daily timeframe, the presence of a strong bullish candlestick pattern confirms significant buying interest among investors, propelling the price of BCH toward the $222 level. However, if the candles close below this level, it could potentially trigger a bearish correction in the price of BCH. It is important to note that minor corrections may occur, leading to a retracement toward the $163 level. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators on the daily timeframe are currently in the overbought zone, suggesting that the bullish momentum may be nearing its exhaustion point. This presents an opportunity for sellers looking to profit from a potential correction below the $150 level, with target support levels at $130 and $120 offering attractive selling points. A break below $120 may create additional selling opportunities, with targets at $111 or even $100, presenting potential profit-taking opportunities for sellers. Conversely, a decisive break above the $220 level could fuel Bitcoin Cash’s ascent to new highs at $240 or $265 stations, opening up possibilities for bullish trades.
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