#bitcoin Cash daily chart depicts a breakout, which was subsequently followed by a retest of the zone where the breakout occurred. During this period, the price gathered buying momentum in proximity to the 50-day EMA. Eventually, it made a strong move upwards, breaking through the previous high, resulting in a favorable price action pattern.
On The Daily Chart:
Bitcoin Cash (BCH) has climbed above $230 against the US Dollar, mirroring Bitcoin's performance. If it clears the $245 level, BCH/USD could see further gains. BCH formed a strong support base above $200, and it recently broke key resistance levels at $220, $225, and $232. It even spiked above $240 and traded as high as $245.32. Currently, it's trading above $225 and the 100-hourly Simple Moving Average, indicating a positive price trend and potential for more gains.
On The 4-Hour Chart:
On the 4-hour chart, Bitcoin Cash has been trading in a rising channel pattern for the past month. Today, it attempted to break above the upper channel but faced selling pressure, erasing its intraday gains. BCH is currently trading above the 9-day and 21-day moving averages within this channel. If it manages to breach the upper boundary of the channel and close above it, there's potential for BCH/USD to continue its upward trend, targeting resistance levels at $255 and $280. However, failure to surpass $245 could lead to a retest of the lower channel.
According to Coingabbar Price Analysis, the market capitalization of BCH is estimated to be $4,580,498,156. The 24-hour trading volume for the coin is around $280,519,704.
KEY LEVELS :
RESISTANCE LEVEL : $240-$245
SUPPORT LEVEL : $228-$223
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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