Bitcoin Cash is bullish against the USD and against Bitcoin. If the bullish trend continues, the price will most likely move as high as $700. The reversal was confirms after Bitcoin Cash broke the descending trend line and cleared the area of interest. The technical charts show that the bulls are in control but the bears are still struggling to regain control of the market. There is a possibility that the price of Bitcoin Cash will either increase or reduce.
The 200 level long term simple moving average is above the 100 level simple average. This shows that downside holds the path of least resistance. It also means that a sell off might be on the eat. Bitcoin cash price is holding a dynamic support as indicated by its rise above the moving averages. The stochastic oscillator is currently living up showing that the bulls may run out of steam soon as the price is heading towards the overbought region.
If the price action turns lower, the sellers may resume their oppression in the market. The relative strength index is currently bullish but it is already moving into the bearish zone. If the sellers return with full force, the price will start reversing and take dips.
Why is Bitcoin Cash Rising?
The market had a positive sentiment this morning and this may have contributed to the bullish pressure. One is the reports that may have contributed to the boost was the news about Bitmain filing an initial public offering in partnership with the Stock Exchange industry in Hong Kong. This firm allegedly holds a lot of Bitcoin Cash and has an excelled financial record. This news came just after the news about Google lifting its ban on cryptocurrency related ads heat the internet two days ago. For more information about that, read this post on smarttest.wpmudev.host.
Bitcoin Cash (BCH) Price Today – BCH / USD
At the time of writing, Bitcoin Cash was trading at $539.10. This indicates a 3.36% rise against the USD but a 0.47% fall against Bitcoin according to the data on CoinMarketCapital.