Bitcoin Cash price analysis: BCH/USD bullish momentum returns, cryptocurrencies get a breather
|- Bitcoin Cash is supported by the 23.6% Fibo, upside corrections are expected.
- Technical indicators are showing bullish signs in the short-term.
Bitcoin Cash price is subtly bullish on Tuesday following the brief sharp correction that occurred during the session yesterday. The crypto is forming a short-term bullish flag pattern pending another upside breakout that might have it trading above the upper supply zone at $900.
The entire cryptocurrency market is fairly bullish as well, although there might lower corrections could follow in the medium-term. Bitcoin Cash is the 4th largest digital asset in the market has a market capitalization of $15 billion while the trading volume in the last 24 hours lies at $373 million on CoinMarketCap. Bitcoin Cash is a hard fork of Bitcoin Core and strives to be the better of Bitcoin when it comes to transaction speed as well as transaction costs.
Technically, Bitcoin Cash bullish flag pattern is supported by the 23.6% Fib retracement level with the previous swing high of $899 and a low of $801. The price is trading above the moving averages while other technical indicators like the stochastic are giving positive signals in the short-term. The stochastic is at 53% while slopping upwards to show that the Bulls have the control. Another support area is at $870 - $860, however, in the event of a reversal breaks below this level, the demand zone at $825 will support price and allow more buyers to enter.
BCH/USD 15’ chart
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