Bitcoin Cash (BCH) looks set for an upward price movement confirmation. According to crypto writer Sarah Jenn, the digital token has created a double bottom reversal trendline and appears to be shifting past this neckline. This price movement could be an indication that the bulls are back and entirely ready to take the price of Bitcoin Cash (BCH) higher although the technical indicators are still showing the presence of slight bearish pressure. Bitcoin Cash (BCH) made a move to break beyond its reversal pattern neckline to indicate that an upward shift is set to commence.
What Do The Technical Indicators Have Say?
The charts show that the 100 SMA is below the long-term 200 SMA indicating that the path of the least resistance is via the downside. Hence, there is a good chance that a downtrend might still resume. Additionally, the distance between the moving averages seems to have narrowed enough to indicate that a bullish shift is imminent. This could draw in more buyers which in turn will sustain the climb.
However, RSI is now hovering at overbought ranges to show that buyers are now exhausted at this area. Similarly stochastic is showing overbought conditions and could turn south at any time hence Bitcoin Cash (BCH) price may follow the same path.
Bitcoin Cash (BCH) Price Today – BCH / USD
What Factors Have Caused The Uptrend Price Movement for Bitcoin Cash (BCH)?
Bitcoin Cash Price managed to draw strong support from the recent news that top institutional investors have been looking into the digital Token’s ecosystem. One notable investor is BlackRock. The startup has reportedly created a team to help facilitate the process of investing in the space. The confirmation of this move early in the week has arguably allowed rallies to commence. This should continue to be of support to investors’ optimistic views. A rebound could begin in the industry following this reveal after a rough q2 virtual currencies. Traders have also noted that the regulatory improvements in South Korea are a reason why there are more security and legitimacy in the sector.