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Price activities in the Bitcoin Cash market have barely stayed above the $220 price mark, since about five trading sessions ago. As of then, price action crashed through the support level at the $230 price mark. However, buyers have received a significant push, which has brought the token back above the once-lost support level of $230.
BCH Statistics:
Bitcoin Cash Value Now: $233
BCH Market Cap: $4,537,405,284
BCH Circulating Supply: 19,469,919 BCH
Bitcoin Cash Total Supply: 19,469,881 BCH
BCH CoinMarketCap Ranking: 17
Major Price Levels:
Top: $233, $235, and $237
Base: $230, $228, and $225
Bitcoin Cash Bulls Get the Needed Push
In the Bitcoin Cash daily market, price action has received a significant push off the lowest band of the Bollinger Bands indicator. This occurred after price action in this market spent some downtime gliding just above the $220 price mark. However, the ongoing session seems to have seen a change in that narrative.
At this point, the shadow of the last price candle can be seen piercing through the middle limit of the Bollinger Bands and the 38.20 Fibonacci Retracement level. Additionally, the Relative Strength Index (RSI) indicator lines can be seen rising upwards from the oversold level after they have performed an upside crossover. This is suggesting that the market now has an upside trajectory. But the question is: how far can buyers ride the momentum?
BCH Buyers Are Facing Rejection Near the $240 Rice Level
In the BCH 4-hour market, one could see that the price candle for the previous season pushed the uppermost band of the Bollinger Bands. Subsequently, a downward correction resulted in the following session (the ongoing session). Consequently, the Stochastic RSI indicator lines have converged for a bearish crossover, with the tips of these lines touching each other.
Nevertheless, we should note that price action still remains a considerable distance above the middle limit of the Bollinger Bands. This seems to still hold the opinion that upside forces may continue pushing prices higher. So traders can still hold on to their expectations of prices rising towards the $250 mark.
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