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April 05, 2023
BCH trades at $128.96 after gaining $1.84 (1.44%).
Trend-focused traders would be interested to note that Bitcoin Cash made an initial breakout above its 50 day Simple Moving Average at $128.12, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $127.77 by around $1.19 with prices hammering out a $126.6 – $129.03 session range. According to asset volatility analysis, Bitcoin Cash's upper Bollinger Band® is at $135, this is a slight indication of a slowdown. Support/Resistance levels obtained from chart analysis indicate that Bitcoin Cash broke through the $128.57 resistance and climbed 39 cents above it.
Notwithstanding BCH's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as FTX Token leaps up 9.54% to trade around $1.36. Dogecoin added 2.89% to its value, now trading at $0.098. Having closed the previous session at $1,870, Ethereum is up 2.31% today to currently trade at around $1,913.
BCH has shed $247.16 points and is languishing 66.04% lower over the past year, leaving its yearly highs around $374.91 in the rear-view mirror. BCH has a market cap of 2.50 billion with an average daily volume of 174.31 million.
