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The Bitcoin Cash price has exceeded a resistance price level last seen seven months ago. While the price action has been bullish since four sessions ago, it could be seen that the magnitude of the recorded gains so far today suggests that the market has become more volatile. Let’s take a closer look at the market for a more in-depth understanding.
Bitcoin Cash Statistics:
Current BCH Value: $300.3
Bitcoin Cash Market Cap: $5,968,606,322
BCH Circulating Supply: 510,411,523 BCH
Bitcoin Cash Total Supply: 21,000,000 BCH
BCH CoinMarketCap Rank: 19
Key Price Levels:
Resistance: $300.30, $350.00, and $400.00
Support: $250.00, $200.00, and $150.00
BCHUSDT Price Witnesses Moderate Contractions
While the Bitcoin Cash daily market has seen considerable price increases in today’s trading activity, it could be seen that prices have retreated from regions around $310 to approximately $300. This means the token has seen a decline of about $10. Nevertheless, the ongoing session retains most of the recorded profits, considering the length of the corresponding price candle.
Also, the ongoing session is taking place above the Bollinger Bands MA line, and this keeps upside forces in the lead. Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are still rising smoothly upward. It could also be seen that contraction hasn’t been reflected in the SRSI indicator lines. Consequently, it could be concluded that price movements may continue upward.
Bitcoin Cash Bulls Are Determined to Retain the Lead
In the BCH 4-hour market, we can see that price action may stay on its upward course. While the ongoing session and the previous session on this market timeframe have printed significant profits, another session has begun with buyers still having a notable impact on price movements. It appears that the resistance formed by the uppermost limit of the Bollinger Bands has failed to restrict the market from extending northward. Price activity remains outside the Bollinger Bands.
Meanwhile, the SRSI lines have reached the 100 level of the indicator. In addition, it could be seen that the lines of this indicator are converging. This could result in a trend reversal, or better yet, the uptrend may continue while the indicator lines journey sideways. However, traders can still utilize crypto signals with targets near the $310.00 mark in this market.
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