Bitcoin Cash has enjoyed a long-awaited surge over the past 24 hours, rising from $310 to $340, with bulls seemingly regaining control of the cryptocurrency market.
The five per cent move to the upside coincides with a rally across the market with the likes of Tezos being up 11.66% and Ethereum rising four per cent.
A breakout above $340 would leave Bitcoin Cash open to testing the $357 line of resistance in the coming days, with the level being in confluence with the 22 EMA and 50 EMA on the daily chart.
However, one of the most common rules of trading is to buy support and sell resistance, so while Bitcoin Cash is at a key level of resistance it would be ignorant to predict a clear breakout.
What’s more likely is a swift rejection from the current level that would send the price back between a $328 and $309 range for another period of consolidation.
Much of it also depends on the direction of Bitcoin, as it seems to be leading the market. If BTC can break above $9,330 with conviction and volume, it would most likely trickle across to all major altcoins like Bitcoin Cash and Ethereum.
One target to the upside in the event of a breakout would be $394 as it is in line with the daily 200 moving average, which was a bitter point of rejection on February 24.
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About Bitcoin Cash
Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017.
More Bitcoin Cash news and information
If you want to find out more information about Bitcoin Cash or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
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