Bitcoin Cash [BCH] Price Analysis: Market bulls push token to break short-term resistance

A green wave was in the offing over the past weekend, as the global coin market surged, adding $4 billion to the overall market cap. Bitcoin Cash [BCH] the sixth largest cryptocurrency in the market is the second highest gainer in the market behind Ethereum [ETH], the top altcoin, and is looking to regain its lost fourth spot.

Bitcoin Cash has risen against the US dollar by 4.8 percent and is currently trading at $127.53. The market cap of the coin stands at $2.25 billion, $357 million behind EOS [EOS].

In terms of exchange volume dominance, the coin’s volume is more prominent in P2PB2B, in the following trading pairs, BCH/USD, BCH/BTC, and BCH/ETH, which accounts for $15.98 million or 5.37 percent, $15.58 million or 5.27 percent, and $14.84 million or 5.02 percent respectively.

1-hour

The one-hour trend line shows a massive spike beginning at 2100 UTC on 17 February, as the bulls pushed the collective market upwards. Following two downtrends occurring last week, the coin witnessed a significant uptrend from $119.79 to $126.59.

Bitcoin Cash finds immediate support at $118.44, the coin is currently trading at 7.67 percent higher than the aforementioned level. The coin broke the immediate resistance level placed at $124.22 and is now placed closer to the coin’s current price.

The Bollinger Bands shows a massive uptick in the coin’s volatility as the prices surged. The Moving Average line indicates the coin has moved into a bullish zone.

The Chaikin Money Flow tool shows that the investors’ money flow into the coin has dipped after rising on 16 February, with the CMF line currently below 0.

The Fisher Transform line shows the coin is trading with the bulls as the Fisher Line is above the Trigger Line.

1-day

The one-day trend line is marred by the Bitcoin Cash hardfork. The hardfork downtrend is the most prominent and pulled the coin’s price down from $627.07 to $132.32. Within the same downtrend, the coin had a significant uptrend from $82.5 to $191.19 during mid-December.

Bitcoin Cash finds immediate support at $108.59, which is higher than the previous level of $73.42. The coin’s immediate resistance level stands at $131.81, a peg-down from a previous level of $197.31.

The Parabolic SAR shows that the coin is in a bullish zone as the dotted lines are below the coin’s trend line.

The Awesome Oscillator shows that the coin is trading below 0. However, the concluding bars are green, indicating a bullish trend in the offing.

The Relative Strength Index shows an uptick in investor interest as the coins’ prices recently spurred. Bitcoin Cash saw an RSI increase from 46.21 to its current position of 52.51.

Conclusion

Bitcoin Cash has surged over the past weekend, as the collective market saw a wave of green. The coin is now the second-largest gainer in the market, which indicates the BCH bulls are roaring more relative to the rest of the market, indicating that the coin isn’t just, ‘going with the flow.’ In the short term, the coin has broken its resistance level and still looks bullish. In the long term, the coin is enjoying an uptrend, which proponents are hopeful will push the coin above the long-term resistance level of $131.81.