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April 28, 2023
BCH is now trading at $117.17 after tracing out a steady $116.37 – $119.5 range today.
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. BCH's upper Bollinger Band® is at $137.33 and the lower is $112.78. BCH reversed direction at $116.13 support zone and climbed $1.04 above it. On the other hand, note that price action remains constrained around the key Fibonacci level of $116.58 currently serving as support. If price action breaks below, the next Fib hurdle is $111.95.
Despite muted price action in BCH, chart analysis indicates it is positioned for a bullish run in the short term.
While BCH is pretty flat so far today, mixed performances are seen elsewhere as FTX Token leaps up 9.54% to trade around $1.36. Binance Coin is down to $322.57, losing $8.15, after closing at $330.72 in the preceding trading session. UNICORN Token USD goes down 2.98% to trade around $6.43.
Bitcoin Cash has shed $190.77 points and is languishing 61.95% lower over the past year, leaving its yearly highs around $308.18 in the rear-view mirror. BCH is currently trading with a market cap of 2.27 billion with an average daily volume of 112.41 million.
