- Bitcoin Cash disapproves negative publicity to record over 27% gains Thursday alone.
- BCH/USD upward correction remains unstoppable; $200 is the next bull rendezvous point.
As mentioned yesterday, Bitcoin Cash is on Steroids. The asset is disproving the bad publicity it has been getting following the hash and trade wars it has been having with Bitcoin SV. Hell broke loose when an upgrade that was scheduled to make Bitcoin Cash a better payment system turned out to be a hard fork, and not just any hard fork, one that resulted in a chain split that birth two coins Bitcoin Cash (BCH) under the governance of Bitcoin ABC and Bitcoin SV under the governance of a former Bitcoin Cash developer, Craig Wright.
Bitcoin Cash was greatly devalued in the past month. It’s just last week when asset value dropped before $80.00. However, the bulls are back with a bang and this time they are here to not only stay but also revenge. Bitcoin cash revered the waterfall drop trend and heading for its position above both the 50 SMA and the 100 SMA in the 4-hour range. Addition gains on Tuesday and Wednesday have seen BCH/USD step above $160.
Looking at the chart, Bitcoin Cash has managed to escaped a very strong resistance range: $150 (on the upside) and a support at $73.36. The crypto is valued at $168 in the wake of more than 27% gains on Thursday alone. Bitcoin Cash is easily the strongest gainer in the market for the entire week’s trading. Besides, looking at the technical indicators the next vital resistance at $200 is within reach before the week’s trading sessions end.
The Relative Strength Index (RSI) has stayed in the overbought since December 18. However, the buyers continued to ignore the overbought levels to push for more gains above $200.The MACD currently in an upward path has crossed into the positive zone after an extended period in the negative region. In the event of a reversal there is a substantial support at $100 while the low around $73.00 is the current major support.
BCH/USD 4-hour chart
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