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Bitcoin Cash [BCH] Price Analysis: Token shoots up by 12 percent, breaks multiple short-term resistances

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Bitcoin Cash [BCH] Price Analysis: Token shoots up by 12 percent breaks resistance
Source: Pixabay

Over $10 billion was added to the collective market cap as Bitcoin [BTC] surged past the $3,900-mark, unleashing the bulls. Bitcoin Cash [BCH] rose massively and is now the second-biggest gainer among the top-coins, following EOS, which was buoyed by a Block.one announcement.

Bitcoin Cash has skyrocketed against the US dollar by 12 percent, as the coin is now trading at a whopping price of $146.5. The coin’s market cap is now $2.58 billion, just under $330 million behind Litecoin [LTC] in the fifth spot.

In terms of exchange dominance, LBank takes the top-two spots, in the following trading pairs, BCH/BTC and BCH/USDT, accounting for $111.91 million or 14.53 percent and $70.19 million or 9.11 percent. Taking the third spot is Huobi Global, accounting for $56.57 million or 7.34 percent of the total BCH trading volume.

1-hour:

Source: Trading View

Bitcoin Cash has seen a massive price surge, as indicated by the recent uptrend on the one-hour chart, which stretches from $120.53 to $143.92, followed by some stabilizing movement.

The coin’s immediate support level of $119.39 has been long-surpassed and a new level will likely be placed at $139.57. Bitcoin Cash has broken its immediate resistance level placed at $121.67 as the coin’s surge began on February 18.

The Bollinger Bands show a massive increase in volatility as the coin’s price has fluctuated rapidly while the Moving Average line shows a downtrend.

The Relative Strength Index shows that the coin has seen a surge in investor interest as the RSI has shot up to 86.32, well into the ‘overbought’ zone, and has since dropped to its current rating of 58.23.

Awesome Oscillator is trading above 0. However, since the closing bars are red, the AO indicates that the bears may look to strike during the eventual market correction.

1-day:

Source: Trading View

Three noticeable trends are present in the one-day BCH price chart, the most prominent being the downtrend which has extended from $627.07 to $132.32. Prior to the same, the coin shot up from $440.27 to $624.81.

Bitcoin Cash finds immediate support at $108.59, following a rise from $73.42. The coin has broken its immediate resistance level which was pegged at $131.81 and is now trading 11.2 percent higher than the same.

The Parabolic SAR shows that the coin is trading among the bulls as the dotted lines are below the coin’s candlesticks.

The Chaikin Money Flow tool shows the money inflow has surged following the massive price increase, with the CMF line currently above 0.

The Fisher Transform line shows the coin is trading with bullish momentum as the Fisher Line is above the Trigger Line.



Conclusion:

The coin has seen a massive spike in its price, breaking both the long-term and short-term resistance levels, which were formed after a prolonged stabilizing spell. Volatility rose, investor interest surged and the bulls market their presence in the BCH market, even more so than its competitors, as Bitcoin Cash trades with a double-digit increase against the US dollar. However, the signs are not all positive as the AO line shows the bears might strike once the coin treads a correction course.

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