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Bitcoin Cash [BCH] Price Analysis: Bulls awaken from mid-week slumber to take market by storm

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Bitcoin Cash [BCH] Price Analysis: Bulls awaken from mid-week slumber to take market by storm
Source: Pixabay


Bitcoin Cash [BCH] is back over the $160 price mark for the second time in a week as the collective market turned green. The global coin market cap surged above the $140 billion-mark, with the Bitcoin hard fork topping the charts as the second-biggest gainer in the top-10 cryptocurrency list.

At press time, Bitcoin Cash edged up the US dollar by a significant 6.6 percent over the 24-hour window. The coin was trading at $163.5, with a market cap of $2.92 billion, trailing EOS by over $500 million.

P2PB2B took the maximum BCH trade volume, holding 7.32 percent of the global BCH trade volume via the trading pair BCH/BTC. Other significant contributors were ZBG, HitBTC, and Huobi Global.

1-hour:

Source: Trading View

The one-hour BCH chart showed a significant uptrend following the coin’s drop from $158.6 to $152.14. The aforementioned uptrend shot up the coin’s price from the $152.52 to $163.43.

Bitcoin Cash found immediate support at $150.83, which the coin was ahead by nearly $13. The immediate resistance level which was placed at $157.88 in the short term was broken.

The Bollinger Bands pointed to a massive increase in volatility as the price movement increased, while the Moving Average line indicated a prominent bullish swing.

The Chaikin Money Flow tool showed an increase in the money inflow into BCH tokens as the CMF line was above 0.

The Awesome Oscillator showed an increase in short-term market momentum, with the concluding bars turning green indicating a further bullish swing to the BCH market.

1-day:

Source: Trading View

The one-day chart showed a notable downtrend which started in late February and dropped the price from $152.81 to $131.01. As the market turned green on March 15, the coin shot up from $132.55 to $161.53 and is now looking to continue the bullish momentum.

Bitcoin Cash found immediate support at $122.41, while the immediate resistance level for the coin in the long-term stood at $160.49, which the coin shattered with its recent spike.

The Parabolic SAR indicated a massive bullish market, owing to the two aforementioned green candlesticks.

The MACD continued projecting bullish signs as the MACD line pushed above the Signal line.

The Relative Strength Index showed a significant increase in investor interest as the RSI, after dropping down to 61.87, surged to 67.94.

Conclusion:

For the second time in a week, Bitcoin Cash surged over the $160-mark, and despite the market turning green, BCH outperformed notable coins. In the short-term, the market momentum was high, money inflow positive, and price volatility on the rise, which indicated that the bullish swing was not coming to a close soon. The long-term indicators still point to a positive market for BCH as investor interest is on the rise, but edging closer to the overbought zone.





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