Bitcoin Cash Analysis Analysis: Token breaks long-term resilience following bullish recovery

The cryptocurrency market opened on February 9th at an incredibly bullish wave after weeks of slump. Bitcoin Cash [BCH] the coin surpbaded the $ 2 billion mark and added nearly $ 300 million to market capitalization, but was surpbaded by 'digital money', the Litecoin [LTC], thanks to a remarkable increase of 30%.

Bitcoin Cash has seen an impressive 11.26% price increase against the US dollar over the last 24 hours and the market capitalization of the coin is currently $ 2.28 billion.

In terms of currency dominance, LBank occupies the top two positions, accounting respectively for $ 39.58 million or 9.58% and $ 32.42 million or 7.85% in the BCH / BTC and BCH / trading pairs. USDT. BW ranks third with 7.53% of the trading pair BCHABC / USDT.

1 hour:

The hour-long Bitcoin Cash chart shows an incredible increase in the price of the BCH, while the collective market grew by $ 9 billion. Bitcoin Cash experienced a strong uptrend during the same period, from $ 115.24 to $ 129.06, after the mid-week downward trend from $ 115.86 to $ 111.8.

Bitcoin Cash's immediate support level before the recent increase was $ 110.36, now $ 125.37, while the coin now represents an immediate resistance level of $ 129.25, capped at the top. of the rise.

the Bollinger Groups points to a mbadive increase in room volatility, and the moving average line indicates a return of the bulls.

the Chaikin flow The indicator indicates an increase in money invested in Bitcoin Cash while the market looks optimistic.

the Fisher Transformation The line shows a cross in an uptrend while the Fisher Line has taken precedence over the Trigger Line in the BCH market.

One day:

The one-day trend line of Bitcoin Cash shows a stabilization chain after the post-hardfork bearish fever of the coin. The coin experienced a prolonged downtrend from $ 626.58 to $ 130.75.

The immediate support of Bitcoin Cash is 106.38 USD, which is close to that of the coin at the end of January. The immediate level of resistance of the room rises to $ 132.41, just below it.

the Parabolic SAR indicates a bullish trend of the coin, even in the long run, since the dashed lines are aligned below the trend line of the coin.

the relative strength index shows that investors are buying more and more BCH while the market has gone green. At the time of going to press, the room's RSI had risen from 32.58 to 51.95.

the Klinger Oscillator shows the Bitcoin Cash market is bullish as a result of the recent price hike.

Conclusion:

Bitcoin Cash was strongly stimulated by the recovery of the collective markets, which announced a return of the bulls of BCH in the short term. In the long run, the coin is nearing its resistance level of $ 130.75, while key indicators point to a bullish takeover of the coin after weeks of stable and stagnant movement.