With the market leader, Bitcoin price, holding its value above the $71,000 mark, Bitcoin Cash price has successfully regained momentum by displaying a positive uptrend since the week started.
Positively, the BCH price has added 3.71% within the past day and 9.84% over the past seven days. Moreover, it has added 9.12% within the past day and has a Year-to-Date (YTD) return of 96.97%, indicating a bullish outlook for the altcoin.
BCH Price Records A Bullish Action:
Despite trading in a closed range between $447 and $529, the Bitcoin Cash price has displayed significant bullish price action over the past few days, indicating an increase in the buying-over-selling pressure.
Moreover, it displays a high possibility of a bullish breakout, suggesting a positive outlook for the Bitcoin-based altcoin during the coming time.
TradingView: BCH/USDT
With a trading price of $510.2, a circulating supply of 19,716,128 BCH tokens, and a market cap of $10.068 Billion, the Bitcoin Cash (BCH) price has secured the 15th position in the global cryptocurrency market list.
The Simple Moving Average (SMA) displays a bullish convergence in the 1D time frame, suggesting an increase in the positive sentiment for the BCH price in the crypto space.
The technical indicator, RSI, records a constant uptrend toward the overbought range, indicating increased buying pressure. Moreover, the average shows a bullish trend at the mid-point, suggesting the price will continue gaining value in the coming time.
How High Will Bitcoin Cash Go?
If the BCH coin price continues gaining momentum, it will prepare to test its resistance level of $529. Furthermore, if the bulls continue to hold power, the Bitcoin Cash token will prepare to test its upper resistance level of $617 during the upcoming weeks.
Conversely, if the bears overpowered the bulls, the BCH price will test its important support level of $447. Moreover, if the bears dominate the market, it will plunge and prepare to test its crucial support level of $350 in the coming time.
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