In the prior day trading, Bitcoin Cash broke out from sideways trading that grabbed bearish momentum at the end of January. This breach was marked by a strong bullish candle followed by a series of increases attempting $ 450 price, reaching the highest monthly level. After meeting the rejection, the BCH corrected with a slight drop to $ 417 level as the lowest level during the day.
Over the weekend, the BCH displayed its upside momentum again with an overwhelming bullish candle, which led to the market quickly returning to the upside zone.
Today, the bullish feeling is becoming more important after producing a green candle. If buyers continue to follow the setup, we should expect near-term support at $ 450 before the end of this week and $ 500 level probably to the surface.
BCH has support on the sharp uptrend line. If the price drops and breaks below this diagonal support, BCH may plummet back to the $ 310 level gray zone. Beneath this support lies the $ 258 level. Regardless of the above, the BCH is bullish against the US dollar.
Since the crypto market has fully recovered from the last correction, Bitcoin Cash has seen a 15.30% increase, reaching $ 448 a day. As one of the biggest bulls in the past 24 hours, BCH is now trading around $ 443 level meanwhile, the continued uptrend is based on $ 380.26 support.
BCH is presently the fourth largest cryptocurrency with $ 8.07 billion in market value. We can expect more gains as long as the trading volume ($ 5.2 billion) continues to increase.
BCH/USD Outperforms Other Crypto Majors by Smashing $400 Metal Level
Price action breaks out from the narrow-band structure, which had the BCH entangled for seven sessions.
Bitcoin cash rose on Thursday as crypto sentiment increased. BCH / USD has broken the recent ranges and is now trying to break the psychological level $ 450.
The previous wave high was at $ 396 and now the bulls may target $ 500. On the chart, the level at $ 450 appears as the next resistance but the bullish size is quite attractive.