The Momentum is Bullish for Bitcoin Cash (BCH) if the Price Stays Above This Support Level – Here’s Community’s Outlook
Bitcoin Cash (BCH) has been the story of the day in the cryptocurrency industry. The coin is currently trading at a promising $235, marking an impressive increase of almost 6% in the last 24 hours. Such a surge in price has piqued the interest of many, leading us to delve deeper into the community to uncover the reasons behind this recent uptrend.
Famous Twitter analyst, TheCryptoMouth, recently shared his insights on the coin’s performance. He pointed out that $BCH, also known as Bitcoin Cash, has successfully navigated out of a potentially risky zone. The coin made a flawless bounce within its trading channel that has been established since July 1. TheCryptoMouth had previously emphasized the importance of the price climbing above the $224 mark, and it seems BCH did not disappoint.
Source: CoinStats
The coin’s current position is just below a resistance area, making the next price action crucial. Will it break out upwards? Or will it swing back down to the lower part of the downtrend channel? Or perhaps, it might begin to consolidate. Only time will tell, TheCryptoMouth concludes.
In another interesting development, Whale Trade Alerts, a top-notch on-chain analyst, reported significant whale activities related to BCH. In a span of just a few hours, there were multiple large buy orders for BCH on Binance USDⓈ-M:
- $95.03k #BCH longed at $239.75 (USDT)
- $59.98k #BCH longed at $239.90 (USDT)
- $59.23k #BCH longed at $239.90 (USDT)
Such substantial moves by top traders could very well be indicative of the recent surge in BCH’s price. It’s worth noting that these are just a few examples, and there have been many more similar activities reported today.
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Show more +Well-known trader, Mr. Tonks, also weighed in on the BCH situation. He highlighted the coin’s resilience, especially when its price drops are not led by Bitcoin ($BTC). He hinted at a favorable Risk to Reward ratio and pointed out the Daily EMA 24 as a target. This comes after his previous tweet where he suggested that BCH might take a significant leap if Bitcoin faces a downturn, emphasizing the potential room for growth on the weekly charts.
You can buy BCH on Coinbase or Binance exchanges.
Conclusion
The recent surge in Bitcoin Cash’s price has undoubtedly caught the attention of many in the crypto community. Insights from top-notch analysts and traders suggest a mix of technical factors and significant whale activities as potential reasons behind this uptrend.
As BCH currently hovers below a resistance area, the crypto community will be keenly watching its next moves. Whether it breaks out, consolidates, or swings back down, one thing is clear: BCH remains a coin of interest, and its future trajectory will be closely monitored by experts and enthusiasts alike.
