Bitcoin Cash [BCH] Price Analysis: Bulls on the rise as coin looks to bring in increased investor interest

The cryptocurrency markets have risen, adding $1 billion to the collective market cap and pushing major coins into the green. Bitcoin Cash [BCH] followed the market’s bullish tide but still remains in the sixth spot behind Litecoin [LTC] and EOS [EOS].

Bitcoin Cash, despite its low ranking, has risen against the US dollar by 2.25 percent, the highest gainer in the top-10 after EOS. The price of Bitcoin Cash, at press time, stands at $123.56 with a market cap valuation of $2.17 billion.

In terms of exchange dominance, the coin’s highest trade volume is taken by the exchange LBank, which holds $15.54 million or 7.08 percent of the total BCH trading volume via the trading pair BCH/BTC. Following closely behind are HitBTC and P2PB2B, with 6.49 percent and 6.05 percent respectively held via the trading pairs, BCHABC/USDT and BCH/USD.

1-hour

The one-hour chart for Bitcoin Cash shows that the coin has been going through relatively stable movement in the past few days. However, a mild downtrend is noticed over the last two days, stretching from $125.98 to $121.80. The bullish swing for the coin was triggered by the February 8 high, which pushed the coin from $115.78 to $129.22.

Bitcoin Cash posts a short-term support of $118.41, which the coin touched earlier this week. The immediate resistance level of the coin stands at $126.02, which the coin surged over late-last week.

The Bollinger Bands point to a current decrease in volatility, but the mouth of the band looks to open up, signalling an imminent price fluctuation. The Moving Average line indicates a bullish turnover for the coin.

The Chaikin Money Flow tool shows that the coin has been decreasingly purchased by investors as the CMF line is below 0.

The MACD line shows that the coin is in a bearish territory, but there are signs that the bulls will push the price of the coin up into a bullish swing.

1-day:

Bitcoin Cash has been on a severe downtrend since the coin hardforked back in November 2018, which has extended from $624.91 to $122.91, following an uptrend stretching from $447.02 to $621.2.

The immediate support of the coin stands at $107.32, which has risen from an earlier support of $75.20. The immediate resistance posed by Bitcoin Cash stands at $132.05.

The Parabolic SAR points to a bullish swing for the coin as the dotted lines are aligned below the coin’s trend line.

The Relative Strength Index shows that the coin has been dropping in the investors shopping lists, as the RSI has fallen from 52.04 to 47.48 in the recent decline.

The Fisher Transform line show that the coin has been pushed into a bearish swing, as the Fisher and Trigger lines have crossed.

Conclusion:

Bitcoin Cash has been on a bullish trend, sparked by the collective high of February 8 which it has sustained, and following some stabilizing movement, the short-term indicators point to another bullish swing for the coin. In the long term, indicators also point to a bullish swing for the coin with most indicators geared toward investor perception. The Chaikin Money Flow and the RSI show a drop in investor interest, but with an increase in the price of the coin, the investor interest will return.