Bitcoin Cash (BCH) Enters Bullish Rally Moving Up By 57% Within A 24 Hour Period

This year, the price of cryptocurrencies have fallen significantly against the USD. The bear market started right after cryptocurrencies hit their all-time-highs. Recovering against the USD became a problem. As if that bearish pressure wasn’t enough, there was a BCH network clash that rocked the entire cryptocurrency market. A technical analysis of the crypto charts shows that Bitcoin Cash (BCH) went up by 57% in value as of December 20. Bitcoin Cash (BCH) is perhaps one of the few digital assets to maintain a strong run despite the bearish market sentiment. A closer look at the charts shows that buyer momentum is reasonable in Bitcoin Cash (BCH) as it continues to remain among the top performing cryptocurrencies in what has being a torrid year for virtual assets. Now with a trend reversal price movement forming on the charts, we will critically analyze whether Bitcoin Cash (BCH) strong performance for the week is coming to an end. The Bitcoin Cash update led to a split of the network into two groups: Bitcoin ABC and Bitcoin SV. After the update, the price of all cryptocurrencies fell dramatically against the USD. Bitcoin Cash fell the most and at one point BSV traded higher against the USD than BCH.

Bitcoin Cash (BCH) Recovers Against The USD

Yesterday, BCH recovered against the USD moving up by 57% within the day. The buyers gathered momentum in the morning and BCH became one of the top performing cryptocurrencies. Notwithstanding, a trend reversal pattern was formed meaning that the strong bullish pressure is coming to an end soon. This was the second day in a role that BCH was able to outperform other cryptocurrencies. Starting this week’s trading session at $78, BCH was able to move as high as $175 yesterday alone. The relative strength index and the MACD moved into the bullish territory. The reversal signs on an hourly basis show that the bears are diverging around the relative strength index and price of Thursday. This is a clear sign of an upcoming reversal that shows up when the price of a cryptocurrency forms higher highs even when the relative strength index forms lower highs. It simply means that even if the buying pressure is reducing, the price is rising. Traders still had to be cautious because the price showed signs of falling yesterday even if the technical indicators didn’t show any signs. As expected, BCH started falling this morning along with most of the cryptocurrency market.

What are the Key Takeaways From the Bitcoin Cash Technical Analysis?

The key takeaways from the Bitcoin Cash price analysis include: – Bitcoin Cash (BCH) continues to be among the top performers with more than 45% appreciation in only the last 24 hours. – There is bearish divergence that formed yesterday, yet prices continued to increase because of the strong buyer momentum. The daily RSI and MACd kept on increasing reflecting the level of buying momentum. – We can also see a second bearish divergence  forming. Traders have to show caution when deciding whether to take this as a sign of reversal.

BCH Price Analysis Now

At the time of writing, BCH was trading at $199.66. This shows that it is down by 8.07% against the USD and down by 6.11% against Bitcoin. The trading volume over a 24 hour period is $1,123,769,731 and the market capitalization is $3,498,856,161.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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