TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin Cash Price Analysis: BCH/USD gains nearly 3% on Monday, targets at $230.00

Bitcoin Cash Price Analysis: BCH/USD gains nearly 3% on Monday, targets at $230.00
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin Cash (BCH) price increased by over 2% in a matter of minutes amid a strong bullish rally across the cryptocurrency market. At the time of writing, BCH/USD is changing hands at $228.40, off the intraday high of $229.34. The coin takes 6th place in the global cryptocurrency rating and has the market capitalization of $4.19 billion. It is one ow the best-performing coins on Monday as the upside momentum gains traction.

BCH/USD: The technical picture 

On the intraday chart, BCH/USD broke above a strong local resistance level created by a combination of 1-hour SMAs at $222.00. The move created a strong momentum and pushed the price above the upper line of the 1-hour Bollinger Band (BB) and 4-hour SMA100 at $227.68. If the bullish trend gains traction, the price may retest $230.00 for the first time since June 27. 

BCH/USD 1-hour chart

Considering the upward-looking RSI in the intraday charts, the price may continue moving towards the above-said barrier. However, on the downside correction starts, BCH/USD may retreat to $227.00 and $226.50 (the upper line of the 4-hour Bollinger Band). The ultimate support is created by a combination of 1-hour and 4-hour SMAs on approach to $222.00.

BCH/USD 4-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Why altcoin season isn't coming back — and what stole its capital

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

Bitcoin Weekly Forecast: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin Weekly Forecast: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin recovers, trading above $78,000 on Friday, but the 50-week SMA near $78,760 continues to cap its upside. A hawkish Fed outlook, escalating Middle East tensions, and the CLARITY Act's failure to advance in the US Senate could limit BTC upside.

Why Bitcoin's over 30% rebound doesn't mean the bear market cycle is done

Why Bitcoin's over 30% rebound doesn't mean the bear market cycle is done

BTC has staged a strong recovery after falling to a yearly low of $57,800 in July, gaining nearly 33% and recording two consecutive months of gains in July and August. Is this the start of a new bullish phase, or simply another recovery within a broader bear-market cycle?

Crypto Today: Bitcoin, Ethereum, XRP eye short-term breakout as bulls return

Crypto Today: Bitcoin, Ethereum, XRP eye short-term breakout as bulls return

Bitcoin trades higher near $78,000 on Friday as bulls return after early-week macro uncertainty and regulatory headwinds. Ethereum aligns with the broader crypto market’s neutral-to-bullish outlook, holding support above $2,400 and gaining momentum for a short-term breakout at $2,500.

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin (BTC) price action has remained resilient this week, trading above $78,000 at the time of writing on Friday, heading toward a key resistance zone. Institutional demand shows early signs of weakness, with spot Exchange Traded Funds (ETFs) on track for a second straight week of outflows, with over $420 million recorded through Thursday amid escalating Middle East tensions.