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BCH Price Analysis: Explosive Move Towards $1200; Unique ETH, Web3-Compatible Sidechain Launches on Bitcoin Cash

BCH

The crypto market saw some declines during Friday trading following Turkey’s ban on cryptocurrency transactions. Amid the declines, selected tokens such as Bitcoin Cash surged ahead to post fresh highs. Bitcoin Cash (BCH) exploded to the upside, hitting a new yearly high of $1174. At the time of writing, Bitcoin Cash is exchanging hands at $1,059, up by 26.67% in the last 24 hours and 44.04% weekly. With a market capitalization of $17.04 billion and a 24-hour trading volume of $8.88 billion, Bitcoin Cash presently ranks 12th largest. Smart Bitcoin Cash or Smartbch, a sidechain for Bitcoin Cash that is compatible with Ethereum’s EVM and Web3 API was recently launched in April. Through the Smartbch project, decentralized applications (Dapps) may be leveraged without paying lots of money for transaction fees.

*Bitcoin Cash (BCH) exploded to the upside, hitting a new yearly high of $1174
*Bitcoin Cash is exchanging hands at $1,059, up by 26.67% in the last 24 hours and 44.04% weekly
*Smart Bitcoin Cash, a sidechain that is compatible with Ethereum’s EVM and Web3 API was recently launched

Key Levels
Resistance levels: $2,000 $1,500, $1,200
Support Levels: $969, $845, $700

BCH/USD Daily Chart: Bullish

BCH/USD Daily Chart

Bitcoin Cash towers high on April 15, setting fresh yearly peaks of $1174. Bitcoin Cash had a quick recovery from Mar. 25 low of $450, climbing above its moving averages (MA) on the daily chart to peak well above the key restrictive line from February at $773. Nevertheless, BCH bulls may not give up the game after four days of intense bullish action unless the support at the ascending line caves in. Should the ceiling at $1174 prove to be fragile, the spotlight will shift to the $2000- $3000 region.

A significant step above this wall could activate a fresh bullish wave towards the Dec. 2017 all-time high of $4,355. In terms of technical support, given the sharp gains, there are none around the recent price. BCH price action is likely to carve out some form of support near the current levels. For the moment, the only key level is seen at $773. Below here, the MA 50 at $571 could save the market from a stronger squeeze.

BCH/USD 4-Hour Chart: Bullish

BCH/USD 4-Hour Chart

The strong increase since 15th April has pushed the RSI into overbought levels at 80. Therefore the bears may try to stall the up-move at the recent high of $1,174. If they manage to do that, the BCH/USD pair could enter a minor correction or consolidation. The first support on the downside is at $969. If declines persist, support awaits at the $760-$821 range. Major support lies at the MA 50 ($738), only a break here will sideline the bulls.

Alternatively, if the BCH price turns up from the current level and breaks above $1174, the BCH/USD pair could start the next leg of the uptrend. The first target on the upside is $1500 and if this resistance is crossed, the pair could march toward the psychological mark at $2000. Summarizing, BCH/USD could explore fresh gains if the buying interest spike above $1,174 otherwise, a backward flip below $738 at the MA 50 could raise selling orders.

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

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