Bitcoin Cash [BCH] Price Analysis: Bulls take charge as BCH becomes highest gainer in top-10
The collective cryptocurrency market has once again switched, with over $1 billion added back and major coins seeing green. Bitcoin Cash [BCH] has emerged as the biggest gainer in a re-shuffled top-10 as it looks to gain its fourth spot back from EOS [EOS] which the latter took earlier in the month.
Bitcoin Cash has surged by over 3.5 percent against the US dollar and is now priced at $117.4 with a market cap of $2.067 billion just under $78 million behind EOS and ahead of Litecoin [LTC] by $44 million.
In terms of exchange domination, L-Bank takes the top spot with a BCH trade volume of $15.63 million or 5.82 percent in the BCH/BTC trading pair. Following up is P2PB2B in the trading pairs BCH/USD, BCH/BTC, and BCH/ETH accounting for 5.74 percent 5.37 percent, and 4.95 percent, respectively.
The coin experienced two-successive downtrends prior to the recent high, the first extended from $120.02 to $117.55, and the next from $116.09 to $111.98. Bitcoin Cash’s uptrend extended from $111.98 to $117.23.
Bitcoin Cash finds immediate support at $110.36, while the immediate resistance level stands at $117.46, which the coin looks to break following the recent bullish swing.
The Bollinger Bands shows a convergence of the mouth, as the volatility of the coin looks to drop, while the Moving Average line indicates a bullish swing.
The Chaikin Money Flow shows that investors are pulling their money out of BCH as the CMF line is below 0.
The Fisher Transform indicator shows that the Fisher line overtook the Trigger line since the uptrend began and now all signs point to a bullish trend for the coin.
The Bitcoin Cash one-day trend line shows a massive downtrend, caused by the mid-November 2018 hardfork, which the BCH market has not yet recovered from. The downtrend in question stretched from $621.74 to $134.77. BCH enjoyed a minor uptrend prior to the hardfork from $422.22 to $628.98.
Bitcoin Cash’s immediate support level is placed at $108.42, given the recent stabilizing prices which the coin has not dipped close to since the price dipped to under $80 in December. The immediate resistance level of the coin stands at $133.54, which the coin touched a few weeks ago.
The Parabolic SAR indicates that the coin is trading in a bullish zone, with the dotted line crossing below the coin’s trend line.
The MACD line suggests that the coin tried to break into a bullish trend during the close of 2018, but was held back by the bears as the collective market declined and now continues to languish there.
The Relative Strength Index shows that the coin is being off-loaded by the investors as the BCH price looks to dip. At press time, the RSI was recorded at 41.03, slowing moving away from the ‘oversold’ zone.
Bitcoin Cash has been buoyed by the recent collective market swing that sparked a return of the BCH bulls, making it the highest gainer in the top-10 in the short term. In the long-run, however, the coin is looking to stabilize as the price movement is fairly constant since mid-December. The bulls look to overpower the bears as Bitcoin Cash has pushed well ahead of the $2 billion-mark and surged past its support level of $108.
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