- Bitcoin Cash (BCH) is hovering around $589.
- Daily trading volume has jumped 104%.
With the fear lingering in the market, it has yielded to mixed sentiment across the crypto tokens. The prices fluctuate between the red and green charts. The largest assets, Bitcoin (BTC) and Ethereum (ETH), are hovering at $86.8K and $2.9K, seeking to enter the bullish phase. Meanwhile, Bitcoin Cash (BCH) has jumped by over 7.93% in the last 24 hours.
In the early hours, the asset traded at a bottom range of $528.91. After the bullish encounter, the price has broken through the significant resistance zones between $530.47 and $587.62 and likely rose toward the high of $589.50. Upon the bulls hanging around the BCH market, it may see additional gains.
The CoinMarketCap data has reported that at the time of writing, Bitcoin Cash trades within the $589.41 zone, with its market cap settled at around $11.7 billion. Moreover, the daily trading volume of BCH has skyrocketed by over 104.71%, reaching the $726.06 million mark.
Bitcoin Cash Outlook: Break Higher or Pull Back?
Assuming Bitcoin Cash’s upward momentum gains more traction, it might push the price up and test the $596.74 resistance level. Strong upside pressure could initiate the emergence of the golden cross, triggering the bulls to take the price toward its recent highs.
If the bears reappear, the momentum turns negative, and the price could fall to the support at the $582.93 range. With the mighty downside correction, the formation of a death cross occurs, and the Bitcoin Cash bears would drive the price toward its previous lows.
Bitcoin Cash’s Moving Average Convergence Divergence (MACD) line is above the zero line, while the signal line remains below zero, indicating a transition phase in momentum. The short-term strength is improving, but the broader trend has not fully turned bullish.
In addition, the money flow assessing indicator, Chaikin Money Flow (CMF), is found at -0.03, which suggests mild selling pressure in the BCH market. Notably, the capital outflows are marginal, and the momentum is weak to neutral, rather than strongly bearish.
The daily Relative Strength Index (RSI) of BCH is positioned at 63.79, implying moderate bullish momentum. The value is below the overbought level, so there is still room for upside before the condition gets stretched. Furthermore, Bitcoin Cash’s Bull Bear Power (BBP) reading of 50.5 signals a strong bullish dominance. The buyers are firmly in control, and the high magnitude shows the steady upward pressure rather than mild momentum.
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Source: https://thenewscrypto.com/bitcoin-cash-bch-momentum-builds-could-600-be-hit-by-days-end/
