• Bitcoin Cash price hints at a continuation of its uptrend following a small pullback.
  • A spike in demand around the current levels could lead to a 20% upswing if the $510 resistance is breached.
  • BCH’s network continuous expansion adds credence to the bullish outlook. 

Bitcoin Cash price broke out of a consolidation pattern that has seen it rise over 15% in the past five days. Even though BCH tumbled during Tuesday’s trading session, its uptrend remains intact, targeting $610.

Bitcoin Cash price ready for higher highs 

Bitcoin Cash price sliced through the hypotenuse of an ascending triangle on February 6. This type of technical formation is considered a continuation pattern that may lead to a 37% upswing.

While BCH hovers around $500, the ascending triangle forecasts it has more room to go up. If buying pressure continues mounting, BCH could rise by another 20% to hit a target of $610.

BCH/USD 4-hour chart

BCH/USD 4-hour

IntoTheBlock's In/Out of the Money Around Price (IOMAP) chart shows that achieving this target will be anything but easy due to the presence of a strong resistance barrier ahead. A cluster of 66,000 addresses had purchased nearly 455,000 BCH around $510. 

Only a 4-hour candlestick close above this hurdle will help Bitcoin Cash price rally higher.

Bitcoin Cash IOMAP chart

Bitcoin Cash IOMAP chart

The 70% uptick in the number of new BCH addresses joining the network adds credence to Bitcoin Cash’s bullish outlook. More than 67,000 new addresses were created today, showing an increase in user adoption over time. 

Bitcoin Cash Daily New Addresses chart

Bitcoin Cash Daily New Addresses chart

It is worth noting that Bitcoin Cash price sits on stable support as almost 60,000 addresses previously purchased 772,000 BCH at an average price of $500. As long as this support level holds, the odds will continue to favor the bulls.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Uniswap price eyes 20% upswing if UNI can clear this crucial barrier

Uniswap price is on a journey to retest $25 after the recent downswing. On-chain metrics hint at smooth sailing ride apart from the massive resistance at $20.84. A daily close below $17.75 will invalidate the bullish thesis.

More UniSwab news

Three major overlooked factors why Ethereum price is about to skyrocket

ETH price has been consolidating after the cryptocurrency registered a new all-time high on November 10. A few factors suggest that the token may be preparing for a massive take-off. 

More Ethereum news

Solana price to trigger a 15% upswing as SOL retests crucial support level

Solana price appears to be making a comeback after it slipped into a steep correction since its all-time high on November 7. This downswing has stopped after retesting a crucial support level and is on a journey to head higher.

More Solana news

Crypto exchange Kraken lists Shiba Inu, kickstarting SHIB price recovery

Leading cryptocurrency exchange Kraken announced that it will support the popular meme-based token Shiba Inu starting November 30. The digital asset trading platform has already begun accepting deposits of SHIB.

More Shiba Inu news

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP