Bitcoin Cash (BCH) Keeps Base in Bull Territory

The Bitcoin Cash market has increased by a small margin of just 2.95%. However, this is enough to place the token as the second-best performing crypto as of the time of writing. Also, price action in this market has presented only modest gains, but from a technical standpoint, the gains may grow bigger.

BCH Statistics

Current Price: $534.50

Market Capitalization: $10.64B

Circulating Supply: 19.95M BCH

Total Supply: 19.95M BCH

CoinMarketCap Rank: 12

Key Levels

Resistance: $550, $600, $650

Support: $500, $450, $400

Bitcoin Cash Bounce May Extend

Price activity in the BCH daily chart has rebounded off a key technical landmark. The last price candle here appears in the green after the previous session tested the support formed by the 9-day Exponential Moving Average (EMA) line.

Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are descending through the 80 level of the indicator but seem deflected toward an upward crossover. The lead line has just descended below the 80 mark, which keeps the indicator’s lines above the 70 level. As such, bullish movement may gain momentum easily if this crossover eventually occurs.

Upside Focus Stays Sharp in the BCH Market

The Bitcoin Cash market on the shorter 4-hour timeframe suggests that upside forces seem to have secured a good base. The last price candle here stands above the 9-day EMA but appears compressed. Still, it retains its bullish appearance despite that compression.

The lines of the SRSI indicator are also rising steadily from the oversold region. The movement of the SRSI lines seems shaky and still lies below the 50 mark of the indicator. However, traders may enter the market in anticipation of a continued upward movement of price toward the $560 and $600 marks.

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