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As predicted in the previous article, BCH price action has extended its upside move. Also, this move has offered more upside possibilities to this market, such that Bitcoin Cash’s price may advance towards more elevated price marks.
BCH Analysis Data
Bitcoin Cash Value Now: $118.67
Bitcoin Cash Market Cap: $2,301,916,438
BCH Moving Supply: 19,390,837.5 BCH
Bitcoin Cash Total Supply: 19,390,837.5 BCH
BCH CoinMarketCap Ranking: 29
Major Price Levels:
Top: $118.67, $119.30, and $120.40
Base: $118.00, $117.20, and $116.00
Price Action in the BCH Market Is in Position for a More Upside Move
In the previous trading session, BCH price action had shown some upside propensity when it attempted to break the resistance level formed by the 9-day Moving Average (MA). However, price action in the Bitcoin Cash Market has not only surpassed the 9-day MA curve but also the 21-day MA curve. Consequently, this suggests that more upside may be seen in this market, pushing prices further above the $118.67 mark. Furthermore, the Moving Average Convergence Divergence (MACD) indicator is attesting to the possibility of more price increases, as a green histogram bar has just appeared on it.
Bitcoin Cash Price Eyes the $120 Price Mark Despite Minnor Downward Retracements
In the BCH/USD 4-hour market, it can be seen that the market is only inches away from reaching the $120.00 threshold. However, the latest price action has introduced a bit of resistance to the price reaching $120. Nevertheless, price action stays well placed for achieving the goal of hitting the said target since prices stay significantly above the 9- and 21-day MA curves. Also, the Stochastic Relative Strength Index (RSI) indicator lines continue to trend upwards in the overbought region. Therefore, traders can anticipate the $120 price mark.
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