The cryptocurrency market is a mixed pattern of red and green, BTC dipped to lows of $45,850 before starting a recovery. Bitcoin Cash (BCH) stole the spotlight over the weekend, extending its bullish leg to $754, the highest level since mid-2018. Bitcoin Cash price broke out of a consolidation pattern on Feb. 11, marking four consecutive days in the green. On Feb. 15, short term profit booking dipped BCH price to intraday lows of $600. Dip buying on BCH/USD is ongoing to $773 intraday highs. BCH is exchanging hands at $760, having gained 10.98% in the last 24 hours and 58.11% weekly. Bitcoin Cash market valuation stands at $13.44 billion with a 24-hour trading volume of $14.9 billion. Kim Dotcom, an internet entrepreneur tweeted on Feb. 11 that ‘Bitcoin Cash will be the greenest of all cryptocurrencies’. This was followed up with tweets about his new website that extols the upsides of Bitcoin Cash. Following BitPay integration, Apple Pay users can now spend in cryptocurrencies, Bitcoin Cash inclusive. Bitcoin Cash also reclaimed 10th position subsequently.
*BCH extended its bullish leg to $773, the highest level since mid-2018
*BCH is exchanging hands at $760, having gained 0.75% in the last 24 hours and 57.05% weekly
*Kim Dotcom, an internet entrepreneur tweeted on Feb.11 that ‘Bitcoin Cash will be the greenest of all cryptocurrencies’
Resistance Levels: $1000, $900, $800
Support Levels: $700, $600, $500
BCH/USD Daily Chart: Bullish
BCH/USD Daily Chart
Bitcoin Cash soared to highs of $754 on Feb. 14. Short-term traders booking profits after the recent runup pulled BCH prices to lows of $600 before a rebound. The bulls are now attempting to flip the immediate resistance at $780 into support. If they succeed, a sustained breakout past the $800 barrier holds the key to an uptrend eyeing gains to $900.
The upsloping moving averages and the RSI in the overbought zone suggests an advantage to the bulls. Meanwhile on the contrary, if the price turns down again from the current levels, a correction to $700 could deepen to a retest of $600 support. Thereafter further declines may cause BCH to revisit the confluence zone at the sub $600 level. However, a breach beneath the MA 50 at $463 may invalidate the bullish view.
BCH/USD 4-Hour Chart: Bullish
BCH/USD 4-Hour Chart
On the 4- hour chart, BCH bulls are buying on dips. If the buyers can propel the price past $780, the uptrend could reach $800 and then $900. On the other hand, if the price again turns down from $700, the bears will try to pull the price down to $654. If this support cracks, the decline could extend to $600 support and then to the MA 50 at $560.
The RSI returns higher on the four-hour time frame, meaning that Bitcoin Cash could see more upside. A break below the MA 50 and MA 200 could keep the price in a consolidation range between $470 to $370 for some days. The BCH/USD pair is only bullish while trading above the MA 50 and $560 mark, key resistance is found at the $780 and the $800 levels.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock