- Bitcoin Cash reveals a bullish structure.
- Positive price reactions saw the alt rallying higher to $294.3.
- BCH/USD has its support at $286.
Bitcoin Cash reveals a bullish outlook as the alternative coin climbed to the $294 level within the past 24 hours. Meanwhile, bulls kept their momentum, triggering further recoveries within the previous two days.
BCH’s latest bullish drive began yesterday, and the alt maintained an upward trend since, noting more surges today. Furthermore, the altcoin might rise further if bulls maintain their momentum.
BCH/USD 24Hr Price Chart: BCH Surges 1%
1-day Bitcoin Cash price outlook reveals bulls’ favoritism as the token’s price rose to $2.94.4 over the past day.
The pair gained about 1% within 24 hours, whereas BCH stayed 0.70% up over the previous seven days. Meanwhile, the trading volume plummeted by 9.97% as the market cap noted a 1.31% surge.
The alternative token sees high volatility, with the Bollinger bands covering more regions. The Bollinger band’s upper border represents the resistance zone at $333, while the lower band show BCH/USD support at $267. That has the mean average at $300, beyond BCH’s current price.
Further Technical Indications and Recent Developments
The 4hr chart show bears overpowering bulls, and Bitcoin Cash sees price declines. Though the token saw sharp price increases as today’s session began, the past four hours saw downside corrections. Nevertheless, the overall bias favor buyers.
Volatility sees sharp decreases on the 4hr timeframe as Bollinger bands converge, showing few price actions within the upcoming hours. The top band shifted lower to $279, depicting the token’s resistance, while the lower band at $282 leads to the $290 average.
Bollinger’s average sits beneath the price, representing support for the pair. The RSI stays within the neutral area at 53-index, but the indicator’s downside movements depict emerging selling activity.
Conclusion
Bulls try to maintain their regime and take BCH higher, according to the 4hr and 1-day price analysis. The last day saw Bitcoin Cash climbing to $294.4. However, the alt sees slight retracement at the moment. Nevertheless, analysts expect more upside after the prevailing correction.
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