Bitcoin Cash (BCH) Keeps Marching Towards the $240 Price Level

Price action in the Bitcoin Cash daily market has extended its upside correction today. This is bringing the token closer to the price resistance threshold at the $240.00 price level.

Bitcoin Cash Statistics:
BCH Value Now: $217.80
BCH Market Cap: $4,254,843,079
Bitcoin Cash Circulating Supply: 19,504,750 BCH
BCH Total Supply: 19,504,750 BCH
BCH CoinMarketCap Ranking: 18

Major Price Levels:
Top: $217.80, $225.00, and $240.00
Base: $210.00, $205.00, and $200.00

Bitcoin Cash Now Trades above the 9- And 21-Day SMA Lines for the Second Consecutive Sessions

As price action in the Bitcoin Cash daily market looks to extend its upside correction, it appears that buyers are picking up more interest in the token. This is shown as the token continues to climb higher. The ongoing session has seen price action break above the 50 level of the Fibonacci Retracement tool.

Although it could be seen that short traders are creating headwinds, which have caused some moderate correction, buyers are still retaining a significant part of the acquired profits. Likewise, the Relative Strength Index maintains that prices can still advance higher as its lines continue to rise into the overbought region.

BCHUSDT Is Keeping To Its Upside Path

In a demonstration of how strong buyers are in the 4-hour BCHUSDT market, yet another session has started, with buyers looking to gather more gains. At this point, price action now inches closer to the $220.00 market while staying above the SMA lines.

Additionally, the RSI lines continue to rise after surpassing the 90 level of the indicator. With all the signs coming from technical indicators, buyers are more likely to grow confident enough to keep buying. Consequently, this may see the token’s price reach at least the $240.00 mark.

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