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Price activity in the BCH/USDT market seems ready to keep pursuing the resistance mark at the $300 price level. Technical indicators continue to maintain the opinion that the uptrend toward the mentioned price mark may still be on.
BCH Statistics
Bitcoin Cash Value Now: $275.3
BCH Market Cap: $5,518,339,546
Bitcoin Cash Circulating Supply: 19,445,113 BCH
BCH Total Supply: 19,445,113 BCH
BCH CoinMarketCap Ranking: 14
Major Price Levels:
Top: $275.3, $300.0, and $350.0
Base: $250.0, $220.0, and $200.0
BCH/USDT Price Action Pokes Through the Resistance at $272
The BCH/USDT daily market is revealing that price action in this market may have just broken through the very significant resistance price mark. This achievement may have already decided if this crypto will hit the $300 mark or not.
As can be seen, price action is now just inches away from the 9-day Moving Average (MA) line as resistance. Nevertheless, the Relative Strength Index (RSI) line isn’t showing signs of life, as if it is waiting for a more convincing move from the buyers.
However, the appearance of a green price candle with a moderate body still leaves a positive mark on this market.
Bitcoin Cash Traders Can Maintain A Bullish Stance
Moving to the Bitcoin Cash 4-hour market, it seems that price action is suggesting that traders can stay hopeful of a continued upside retracement of price.
The last red price candle can be seen to have risen above the 9- and 21-day MA lines. This suggests that price action may keep rising at this point.
Also, the RSI lines are still rising upwards into the overbought region and are now at the 85.80 and 62.11 marks. Likewise, this agrees that upside forces are active in this market.
Consequently, this may set a bullish tone for this market from here on out, and if prices break the short-term resistance at the $280.0 mark, the next target will be the $300.0 mark.
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