- Bitcoin Cash price could trigger a small move to $228.
- There is a chance that investors might get an opportunity to accumulate at $197.
- Invalidation of the bullish thesis will occur on the breakdown of the $197 support level on the daily time frame.
Bitcoin Cash (BCH) price presents an opportunity that could profit traders who are bullish on the short term. Additionally, investors might get a better chance to accumulate due to a pullback to a key support level.
Bitcoin Cash price ready to move higher
Bitcoin Cash price shows signs of moving higher after creating a local low at $204. This shift in trend could continue until BCH sweeps the $225 and $228 levels, resting above which is buy-side liquidity.
The main bias of this forked coin is bullish, and interested investors can decide to enter this trade from the current position of $212 or wait for a dip to $197.
Further supporting this outlook is the Relative Strength Index (RSI), which has flipped above the mean level on the daily. On the 12-hour chart, however, the RSI has recovered above 50 after a brief dip below it. Both of which suggest a bullish resurgence.
The Awesome Oscillator (AO) is also attempting a reset at the zero level, which adds credence to the bullish outlook.
BCH/USDT 12-hour chart
On the contrary, if Bitcoin Cash price fails to hold above the $197 support level, it will signal a continuation of the downtrend. A decisive daily candlestick close below this barrier would invalidate the bullish thesis by producing a lower low.
Such a development would see Bitcoin Cash price eye the sell-side liquidity resting below $176.
Also read: Binance reopens Belgium operations after three months of suspension by FSMA
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.