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While the Bitcoin Cash market has been bullish in recent times, today’s trading session has witnessed a much more significant version of bullishness. This has thrust the price through the roof. Yet, price action seems ready for more upside movements. However, it is advisable to always examine the signs before making trading decisions in a market.
Bitcoin Cash Statistics:
Current BCH Value: $403.4
BCH Market Cap: $8,088,880,139
Bitcoin Cash Circulating Supply: 19,657,200 BCH
Bitcoin Cash Total Supply: 19,657,200 BCH
CoinMarketCap Rank: 19
Key Price Levels:
Resistance: $403.5, $420, and $440
Support: $400, $380, and $360
Bitcoin Cash Bullishness May Attract Moderate Headwinds
BCH price action has witnessed significant movements in today’s trading, as mentioned earlier. In fact, this seems like the most significant price move in recent times.
The token now trades outside the uppermost limit of the Bollinger Bands. Also, the Moving Average Convergence Divergence (MACD) indicator lines have taken a steeper upside trajectory in response to the massive price increase in the market. Meanwhile, the bars of the MACD remain solid green, which suggests that the bullish momentum in the market is quite strong at the moment. Nevertheless, the last price candle on the chart has an upper shadow, which shows that headwinds are already fighting back in the market.
BCH Bulls Are Looking Strained
In the Bitcoin Cash 4-hour market, we can easily see that another session has begun already, and bulls have managed to remain in the lead. However, it should be noted that the ongoing session has been having a tough time progressing upwards above the $400 price mark. The corresponding price candle suggests that downward and upward forces are in a face-off. As a result, this may cause bulls to weary out.
Nevertheless, the MACD lines continue trending upward, while its bars are still appearing tall above the equilibrium level. Therefore, while traders may choose to remain positive and keep using crypto signals with targets near the $420 mark, they must take the necessary precautions.
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