The cryptocurrency market has experienced a rise within the last 24 hours and Bitcoin Cash is one of the major coins that has enjoyed the price surge. Trading 9% higher within the past 24 hours has brought the new support to $850. This was the support level previously. All indicators show that there is a bullish reversal pattern on the price chart.
Price Analysis for Bitcoin Cash
The main support for Bitcoin Cash was on the lower side around $600 but the intermittent support was placed at $850. The sellers will gather steam soon and this will determine the shape of the week’s candlestick pattern. If the week ends in a bullish bar, then the buyers will enter a lower time frame which is signal of trade pause. After that, there will be a price push all the way to $1,300.
If, on the other hand, the price breaks below the $850 level, it may go as low as $600 and even $350 in the weeks to come. There is a morning star pattern in the daily chart that appeared after the three bar bullish reversal completed yesterday. $850 serves as a key support line as this is where sellers slowed down on June 3. After they slowed down, the volume spiked but there was no strong movement in price. Today, Bitcoin Cash will either make or break the support level.
If you’re interested in buying Bitcoin Cash, watch it and wait till it gets to $970, and stop buying when it gets to $800. Target $1,200 and $1800 if the price spikes. But if there is a rejection of the June 14 gains, this projection will be invalid.
The sudden improvement in price is most likely due to the increase in the price of Bitcoin. After the SEC representative, William Hinman, said that Bitcoin and Ether are not considered securities by the SEC, the price increased and the total market capitalization also increased.