The Recovery in the Cryptocurrency Market Boosts Bitcoin Cash (BCH) Price
The recent recovery in the cryptocurrency market, led by Bitcoinโs price surge, has also had a positive impact on Bitcoin Cash (BCH). BCH experienced a significant increase of 14%, reaching $424 during US business hours on Thursday. Other altcoins, such as Ethereum (ETH), Solana (SOL), and Binance Coin (BNB), also saw gains.
- Ethereum (ETH) currently hovers at $3,542
- Solana (SOL) gained 9.5%, topping $190
- Binance Coin (BNB) rose by 6% in 24 hours towards $600
Bitcoin Cashโs trading volume surged by 60% to $814 million, while its market cap increased by 12% to $8.3 billion. BCH currently ranks #17 among other cryptocurrencies.
Bitcoin Cash (BCH) Price Shows Falling Wedge Breakout
In Q4 of the previous year, Bitcoin Cash experienced a rally that set the stage for a larger rally in Q1 of this year. The coin reached new yearly highs at $530. However, in early March, investors took profits, causing a temporary dip.
BCH found support at $350, with a candle wick extending to $340 as seen on the four-hour chart.
With positive sentiment in the market and Bitcoinโs surge to a new all-time high above $73,000, Bitcoin Cash bounced back but only managed to reach $450 before facing headwinds last week. This resulted in another drop to the $350 mark.
Following recent market behavior where crypto prices have rebounded strongly after dips, investors have been quick to buy the dips, creating momentum for another upswing.
The formation of a falling wedge pattern over the past few weeks suggests that Bitcoin Cash has a bullish future and may continue to move higher towards highs at $530.
A buy signal in the Moving Average Convergence Divergence (MACD) indicates that buyers are in control and that there are still opportunities to buy the dip, especially considering that BCH is likely to surpass the psychological resistance level of $1,000 in the coming months.
If a golden cross pattern is confirmed by the 20-day Exponential Moving Average flipping above the 50-day EMA (blue and red lines on the chart), it would further support the bullish theory and indicate potential for further growth.
Investors looking for key entry positions can consider buying BCH after the ongoing correction at $421 finds strong support. The previous dayโs open value of $410 and the upper trendline of the wedge pattern can serve as key entry positions when buying Bitcoin Cash.
Hot Take: Bitcoin Cash (BCH) Gains Momentum Amidst Market Recovery
The recent recovery in the cryptocurrency market has breathed new life into Bitcoin Cash (BCH). With its surge of 14% to reach $424, BCH has shown resilience and potential for further growth. The falling wedge breakout pattern and positive indicators suggest that BCH may continue its upward trajectory towards new highs at $530. Investors have been quick to buy the dip, creating momentum for another upswing. As long as key support levels hold, such as $421 and previous dayโs open value of $410, there are opportunities for investors to enter positions in Bitcoin Cash. With a bullish outlook and favorable market conditions, BCH is poised for success in the coming months.
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