Bitcoin Cash (BCH) Poses for an Upside Retracement After Moving 1.13% Upwards

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RESULTS

Today, Bitcoin Cash has recorded a price gain of 1.13%. Although this price increase isn’t that huge, technical indicators are revealing that this is an impressive performance. A thoughtful observation of price movement reveals that more upside moves may result from this market.

BCH Analysis Data
BCH Value Now: $114.35
Bitcoin Cash Market Cap: $2,215,130,761
BCH Moving Supply: 19,390,837.5 BCH
Bitcoin Cash Total Supply: 19,390,837.5 BCH
BCH CoinMarketCap Ranking: 29

Major Price Levels:
Top: $114.35, $115.50, and $116.38
Base: $114.00, $113.20, and $112.50

Bitcoin Cash (BCH) Price Prepares to Welcome Tailwind But Looks Vulnerable

Price movements in the Bitcoin Cash daily market rain under the two Moving Average (MA) curves. However, the price increase witnessed in the ongoing session due to buying activity was significant enough to bring some upside hopes into this market. Although the last price candle is under the 9- and 21-day MAs, the activity on the Stochastic Relative Strength Index (RSI) seems to project that a further downtrend may not occur. While still above the 50 levels of the RSI, the lines of this indicator have delivered a bullish crossover. Consequently, this is more likely to introduce some buying confidence into this market.

BCH May Have Passed for an Uptrend

Looking at the 4-hour chart, it appears that price movements in the BCH/USD market may have achieved an uptrend. At this point, more upside momentum could build up. The last price candlestick has pushed prices above the two MA curves. Also, it should be noted that a crossover has occurred on this chart. Meanwhile, the Stochastic RSI indicator has already indicated that upside momentum is growing, as its lines have delivered a bullish crossover. Consequently, traders can anticipate a crossover of the MA lines, as this will further strengthen buying confidence. As a result, Bitcoin Cash’s price may surpass the $116.00 mark.

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