- Bitcoin cash is currently trading at $127.6 with an increase of 27.80% in 24 hour trading volume.
- Bitcoin cash price observed a rise of 1.67% in the last 24 hours.
Bitcoin cash has been in a bullish rally since the start of 2023 which drove the price from $96 to $154 level. At the start of March, the bullish trend line was broken as bearish pressure started to rise. Bitcoin cash price is in consolidation on the higher time ranging between $89 to $156. As the price touched the support, it has been in an upward channel making higher highs and higher lows headed towards the $156 level.
Price is presently headed towards its resistance on the 1-day chart at $136. If we can break the $136 level we can expect an easy move till the $145 level while the bullish move continues. The next resistance for the price is $156. The price is above 20,50,100 EMAs indicating bullish momentum in the market.
Since the high of $1650 level made in the year 2021, the price has been in a strong bearish momentum. The price had some bullish pullback but was not able to sustain the run and again melted below the level from where the bitcoin cash started its journey. The price has been consolidating from the start of June 2022. There have been no impulsive moves, neither upside or downside in a span of 10 months.
Technical analysis of Bitcoin Cash:
The RSI curve crossed the 50 mark as the price took support at $120 level. Firstly the price made support at $110 to aim for $136 level which acted as resistance and price came down to make support at $120. The RSI curve on the 1-day chart is at 52.77 as price is currently in a bullish momentum after making support at $120 level. On a 4 hour basis, the RSI curve will soon reach the 70 mark and is presently at 63.84. As soon as price reaches the $136 level, the RSI curve would cross 70, indicating a pullback.
The +DI has crossed the -DI in the upward direction with ADX of 8.5 on the 1-day chart. On a 4 hour basis, the +DI has crossed the -DI with an adx of 21.0 and increasing as price gains bullish momentum. The price has made a strong bullish candle after retesting the support and breaking the downward channel.
Conclusion:
Bitcoin cash started its bullish rally targeting the $136 level. On the higher time frame, the price is in an upward channel aiming for the $156 level high it made in July 2022. The market structure as well as the price is strongly bullish for Bitcoin Cash. The technical parameters also indicate bullishness in the market.
Technical levels:
Major support: $110 and $120
Major resistance: $136 and $145
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.