Bitcoin Cash Price Prediction as BCH Blasts Up 100% in 7 Days – What's Going On?
Bitcoin Cash (BCH) has experienced an impressive surge of 100% in just one week, leading to speculation about the factors behind this remarkable upward movement.
However, despite the significant price increase, BCH faces challenges in breaking above the $220 level, which could potentially trigger a bearish correction. In this Bitcoin Cash price prediction, we will thoroughly analyze the technical outlook to gain insights into its future price action.
The current price of Bitcoin Cash (BCH) stands at $203, accompanied by a 24-hour trading volume of $1.3 billion.
Over the past 24 hours, Bitcoin Cash has recorded a significant 8% increase in price.
As per CoinMarketCap, Bitcoin Cash holds the #20 rank, boasting a live market capitalization of $3.9 billion.
The circulating supply of BCH coins amounts to 19,430,469, with a maximum supply capped at 21,000,000 BCH coins.
Bitcoin Cash (BCH) has made a significant breakthrough by surpassing the double top resistance level at $120, indicating a bullish trend in its price movement.
On the daily timeframe, the presence of a strong bullish candlestick pattern confirms significant buying interest among investors, propelling the price of BCH toward the $222 level.
However, if the candles close below this level, it could potentially trigger a bearish correction in the price of BCH.
It is important to note that minor corrections may occur, leading to a retracement toward the $163 level.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators on the daily timeframe are currently in the overbought zone, suggesting that the bullish momentum may be nearing its exhaustion point.
This presents an opportunity for sellers looking to profit from a potential
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