- Bitcoin Cash (BCH) price is trading near the $130 resistance area.
- BCH price is being observed above the red moving lines of the EMA ribbon indicator.
- Investors feel safe as the crypto is hovering above the conceptual round level of $100.
Bitcoin Cash (BCH) price action is trending up to form a strong base for a bullish rally. Buyers are aggressively dominating the BCH trend to cover the losses. However, the overall market sentiment looks good for short term investments as the total market capitalization has crossed $900 billion in the past few days.
The largest digital currency — Bitcoin recovered towards $19,000 on January 12, keeping almost all other altcoins in an uptrend. Similarly, the price of Bitcoin Cash (BCH) has risen sharply over the past few days, resulting in the crypto gaining around 23% in January. As of now, the bears ignore the selling in the crypto market, so the bulls keep on rising.
Against USDT, bitcoin cash (BCH) is trading above the $100 ideologically bullish level, which is a key demand area. Buyers are painting the sixth green candle today, while at the time of writing the current price is trading at $120. Speculators will soon see the second bullish weekly close.
After breaking out of the resistance trendline, BCH crypto remains above the red moving lines of the EMA ribbon indicator with reference to the daily price chart. As of now, the bears are waiting for the asset’s price to retest the 200 EMA (yellow). This massive breakthrough could change the directional outlook of Bitcoin Cash from a long-term perspective.
The related bitcoin pair Bitcoin Cash is up 5.6% at 0.006341 satoshis. Meanwhile, the trading volume increased by 115% to $349.9 million in the last 24 hours.
On the daily chart, the ADX indicator remains at the 27 mark, which is continuing to rise and suggesting bullish strength in the momentum. Thus the more the RSI indicator is seeing in overbought territory, the more upside is likely. Similarly, the MACD is slowly rising and remains in the positive zone.
Conclusion
Bitcoin Cash (BCH) price next aims to hit the important $160 resistance. However, the bears have not left the market yet, so the bulls should remain bullish on the upcoming next resistances.
Support level – $100 and $87
Resistance level – $160 and $200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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