BCH cryptocurrency trades up $2.82, approximately 2.4% higher this afternoon

BCH trades at $120.21 after gaining $2.82 (2.4%).

Bitcoin Cash made an initial breakout above its 200 day Simple Moving Average at $118.52, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $117.38 to $120.78, Fibonacci-inclined Bitcoin Cash traders were highly concentrated around active Fibonacci resistance at $120.49. BCH's lower Bollinger Band® is at $111.94, indicating that the market is oversold and fertile for new buyers. BCH broke through the $119.37 resistance and climbed above it 84 cents; next resistance level is at $121.49.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts BCH to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the BCH is expected to pick up significant bullish sentiment in the coming days.

Other markets are also showing gains as FTX Token is up 9.54%. Ethereum is up 6.12%. TRON is up 2.46%.

Since its 52-week high of $275.64, Bitcoin Cash has lost 57.43% over the last twelve months. Bitcoin Cash is currently trading with a market cap of 2.33 billion with an average daily volume of 111.73 million.