Bitcoin Cash cryptocurrency trades up $1.43, approximately 1.21% higher going into tomorrow

Bitcoin Cash trades at $119.56 after gaining $1.43 (1.21%).

Bitcoin Cash made an initial breakout above its 200 day Simple Moving Average at $118.27, a potential indicator of a newly emerging bullish phase. Crossed the $118.39 Fibonacci level, next level is at $120.9. BCH's lower Bollinger Band® is at $112.37, indicating that the market is oversold and fertile for new buyers. On the other hand, note that BCH could be slowing down soon; it is getting close to the resistance line and is now at $119.42, only 14 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Bitcoin Cash 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 surges 9.54% to trade around $1.36. TRON is up 1.2%. Having closed the previous session at $7.05, Chainlink USD is up 2.19% today to currently trade at around $7.2.

Bitcoin Cash is trading 61.37% lower compared to the $305.52 high it reached over the past year. Bitcoin Cash has a market cap of 2.32 billion with an average daily volume of 113.30 million.