Bitcoin Cash Price Surges 29%, Is it the Beginning of Rally?

• Bitcoin Cash Price shot up 29% in the past 2 trading sessions.
• BCH Price attempted to break out of the $140 hurdle but confirmation awaited.
• The Bitcoin Cash crypto price regains 50 and 200 day EMA.

Bitcoin Cash Price shot up 29% in the past 48 hours and attempted to break the crucial hurdle of $140.00. 

The wild up-move in BCH price has boosted the confidence of long term investors. It recovered the losses of the past 4 months and created a hope for new YTD highs. 

BCH Price climb above the 50 and 200 day EMA shows the trend has reversed in the upward direction. In the recent up-move the volume also rises indicating some genuine buyers as well as whales might have taken long positions. 

The Bitcoin Cash tried to break the $140.00 but prices were facing rejection and formed a long tail rejection candle. Therefore, it shows that sellers are getting active near $150.00 and confirmation of the breakout is still awaited. 

From the past few months, BCH price is stuck into the range between $100.00 to $140.00. Sellers tried their best to pull the prices below $100.00 to show its dominance. But, responsive buyers are active at the lower boundary and succeed in defending the lows. 

Presently, the BCH prices hitting the higher range and possibility of range expansion is visible. Bitcoin Cash Price is trading at $139.1 with an intraday rise of 2.35%. In the last 24 hours trading volume increases by 667% and volume to market cap 25%.

Bitcoin Cash Price prepares for next phase of rally?

Bitcoin Cash Price Prediction is bullish and suggests a significant rise is possible in the coming months. The positive momentum is already visible and buyers seem more aggressive as compared to sellers. 

If BCH crypto price breakout of $140.00 and $150.00 supply zone then next phase of rally might begin. However, the price seems to be overstretched So, it is likely to consolidate for some more time. 

On the other hand, If BCH Price faces rejection and drops below $120.00 then the up-move will be considered as speculative. The technical analysis suggests that Bitcoin Cash Price is in bulls grip and more rally is pending.

BCH Price formed bullish engulfing pattern

BCH Price formed a bullish engulfing pattern on a weekly time frame. The momentum looks strong and up-move seems to be reliable. BCH Price formed a strong base near $ 120.00. So, if price retraces downward then possibility of bounce back remains high. 

The MACD curve slopes north and displays a sharp positive crossover. The histogram bar confirms the strength in rally. Whereas, the RSI at 71 reached overbought territory which might become a matter of concern for short term bulls.

Conclusion

Bitcoin Cash Price surges 29% in 2 days and takes a sharp U-turn from the support zone. Buyers attempted to break out of the $140.00 hurdle but prices seemed overstretched and facing rejection. The technical analysis says, BCH price turned bullish and more rally is pending.  

Technical levels

Resistance levels: $140.00 and $154.00

Support levels: $105.00 and $87.00

Disclaimer

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