- The exponential moving average is showing bullish strength and rising potential in the BCH crypto asset.
- The BCH crypto asset is exhibiting bullish features and can reach higher levels, on the daily chart.
Bitcoin Cash is a digital currency that was made and introduced to bring decentralization back to cryptocurrency.
Bitcoin Cash was generated to recognize further transactions in a single block, hypothetically decreasing the fees and transaction times.
Advancing In Parallel Channel, What’s Next On 1-D Timeframe?
The BCH crypto is experiencing a surge of 2.21% in the last 24 hours, trading at $262.80.
Moreover, the BCH crypto asset is exhibiting bullish features and can reach higher levels, on the daily chart. Overall, in the previous week, month, and quarter, it has displayed good performance by 15.14%,14.68%, and 13.24%, respectively, signifying a strong upward force.
The asset is rising steadily and strongly as it remains above major EMA’s and turned around from a high volume level at $195 on the daily chart indicating bullish strength.
In addition, The BCH asset is showing bullish momentum as MACD showed a bullish cross and the RSI is rising steadily, indicating that the BCH asset is not losing steam and can continue to climb higher.
Therefore, as per the overall analysis and price structure on the daily chart. It can be implied that the goal for the BCH price in the bigger time frame could be to reach $400.
Alternatively, if the BCH crypto price fails to stay above the $215 level, it could decline further.
Evaluation On 4-Hourly Timeframe
In the four-hour time frame, in the past seven days, BCH exhibited good performance and surged greatly on the charts. However, the price seems bound in the parallel channel, as it respected its resistance and declined a few days back from $285.
Recently, the BCH crypto has displayed a sign of revival after a short decline, as the price bounced back from a high volume critical level of around $255 on the charts.
The Exponential moving average is showing bullish strength and rising potential in the BCH crypto asset, as it has crossed above all of them dynamically in the past seven days.
Furthermore, The Bitcoin cash crypto asset is in an uptrend this week and the RSI shows no signs of overbought conditions as it is above 50 and taking support on the 14 SMA line as well. This complete scenario on the 4-hourly chart, suggests that the asset has more room to grow.
Therefore, as per the past week’s analysis and price structure on the chart. It can be inferred that next week’s goal for the BCH price could be to reach $300.
On the flip side, if the BCH crypto price fails to stay above the $250 level, it could decline further.
Summary
The BCH crypto asset is exhibiting bullish features and can reach higher levels, on the daily chart. Overall, in the previous week, month, and quarter, it has displayed good performance by 15.14%,14.68%, and 13.24%, respectively, signifying a strong upward force.
Recently, the BCH crypto has displayed a sign of revival after a short decline, as the price bounced back from a high volume critical level of around $255 on the charts.
Therefore, as per the past week’s analysis and price structure on the chart. It can be inferred that next week’s goal for the BCH price could be to reach $300 and on daily it could go up to $400.
Technical Levels
Support Levels: $300
Resistance Levels: $250
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.