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28 March 2024
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Bitcoin Cash Price Analysis: by the god grace, BCH escaped the sell-off last night during 12% increment 

  • The Bitcoin cash coin saw a solid bullish move last night with a 12% increase in its market capitalization.
  • The Daily RSI managed to sustain above the semi-line (50 mark).
  • The Bitcoin Cash coin concerning the Bitcoin pair favors bulls by 8.9% at 0.008355 Satoshis. 

The Bitcoin Cash coin finally escaped a short-term selloff according to last night’s unexpected move. However, there was heavy selling of the currency around the supply area before hitting an all-time high. During the consolidation period, bulls conflicted to hold BCH price above $280, and the currency price charts saw the pattern of a third low.

Source: BCH/USDT By Tradingview 

Over the past two days, the price of the BCH token continued to fluctuate, resulting in the asset regaining around 7% of its cost on the weekly chart. Thus, the bulls are approaching the previous consolidation zone (red) which appears to be a supply zone.

It seems that the bulls have turned aggressive for the Bitcoin Cash coin in the near term. Thus, at the time of writing, the coin is trading at $343, up 12% over the past 24 hours as per the CMC. Furthermore, the Bitcoin Cash coin belonging to the bitcoin pair is supported by the bulls by 8.9% at 0.008355 satoshis.

However, the trading volume of BCH coin has increased by 22% in the last 24 hours. During the bounce-back, the asset moved above the 20 and 50 EMAs in terms of the daily price chart. Now 100 EMS is yet to be breached for more uptrend.

Finally RSI reached above semi-line 

Source: BCH/USDT by Tradingview 

In the context of the daily price chart, the RSI indicator sees a break above the semi-line (50 points) after a breakout in the oversold area. Above the half-line, the support of the RSI indicator could lead the bulls to remain aggressive for the BCH coin.

The ADX Indicator for the Bitcoin Cash coin is shining at a slightly bullish pace as per the render at the 27 mark.

Conclusion 

It now remains to be seen whether the bulls are able to push the price of Bitcoin Cash coin above the most recent consolidation range (red). But looking at last night’s rally, the bulls try to regain their dominance.

Support level – $300 and $280

Resistance level – $360 and $470

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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