Bitcoin Cash (BCH) is currently trading at around $369 after pumping over 14% in the past 24 hours.
The fourth-largest cryptocurrency by market cap was trading at a low of $309 on Sunday morning before price started spiking – and it shows no signs of slowing down.
On the daily chart, the 20-day EMA has now crossed both the 50-day and 200-day EMAs to the upside – a very bullish signal.
The 50-day EMA is ticking upwards towards the 200-day EMA as well, indicating a golden cross could soon be on the cards for BCH.
Will Bitcoin Cash keep pushing towards new highs this week?
Let’s take a look at the daily chart for Bitcoin Cash versus Bitcoin, courtesy of TradingView.
As you can see from the chart, Bitcoin Cash has broken through some key levels and is pushing further upwards.
To the downside, the altcoin has clear support around 3,700,000 satoshis. Last week, price broke down and touched this key level before bouncing towards previous yearly highs.
Moreover, there are little signs of any resistance above for BCH. This means we could see Bitcoin Cash touching the 5,000,000 sats mark rather soon.
As long as volume doesn’t drop to the downside, I see no reason for Bitcoin Cash to stop pushing higher.
BCH’s price spike comes despite the latest controversial news around the project, as Roger Ver has proposed a new 12.5% mining tax to be implemented in May 2020.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.