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It would appear the Bitcoin Cash price rally is still in full effect. More specifically, we have seen the Bitcoin Cash price increasing for two days in a row now. Whether or not this is just another temporary trend or a sign of things to come remains to be determined. For now, though, the momentum clearly favors BCH.
BITCOIN CASH PRICE KEEPS RISING
It is pretty impressive to see how the Bitcoin Cash price has evolved over the past two weeks. Although the initial spike to US$2,500 and beyond was considered to be a pump and dump, the value of BCH has not collapsed entirely just yet. In fact, the Bitcoin Cash price has remained above US$1,000 for quite some time now, despite the dip to US$885 not too long ago. This seems to indicate the BCH value will remain around this level for quite some time to come, although nothing has been set in stone.
The past 24 hours have been pretty solid for the Bitcoin Cash price as well. After hovering around the US$1,100 mark for some time, the price eventually started moving up again. After reaching US$1,380 not too long ago, the price has slowly started to come down again. Right now, the goal is to find a decent level of support in the US$1,250 range, although that will not be easy by any means. After all, the markets are often pretty volatile during weekends.
How the Bitcoin Cash price will evolve in the hours and days to come remains anybody’s guess right now. A lot of supporters would like nothing more than to see the value per BCH return to US$2,500 in the near future, but that won’t be easy whatsoever. In fact, it may never happen again, for all we know.
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Bitcoin Price Technical Analysis: Gearing Up for $5000 Mark
Bitcoin price could be aiming for the top of its ascending channel but a couple of technical indicators are hinting at a potential pullback.
- Bitcoin price continues to tread higher, setting its sights on the top of the ascending channel on its 4-hour time frame.
- Price is currently testing the mid-channel area of interest and a break higher could put it on track towards climbing to $5000.
- Technical indicators are giving mixed signals at the moment.
The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. This means that the uptrend is more likely to continue than to reverse. Also, the gap between the moving averages is widening to reflect stronger bullish momentum.
However, stochastic is starting to head south from the overbought region to indicate a pickup in selling pressure while buyers are taking a break. RSI is also turning lower after reaching overbought levels, also suggesting that a dip is possible.
The 100 SMA is close to the channel support around $4200, adding to its strength as a floor when tested. A larger pullback could last until the 200 SMA dynamic support around $3800.
Rising geopolitical tensions stemming from North Korea’s missile launch earlier this week boosted bitcoin price to fresh highs, but easing concerns are causing the cryptocurrency to retreat. Also, the fall in bitcoin cash price has drawn investor interest back to the original version.
Looking ahead, BTCUSD movement could also be influenced by rising dollar demand now that the Q2 GDP was upgraded to 3.0% and US President Trump started turning more attention towards tax reform.
For now, the projected impact of Hurricane Harvey on economic performance could keep a lid on dollar rallies but an upbeat jobs report to be released on Friday could spur rate hike expectations and dollar gains. On the other hand, downbeat data could pave the way for new bitcoin price highs once more.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
Charts courtesy of Trading View
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With over US$3.34B in 24-hour trading volume, things are certainly looking good for Bitcoin Cash right now. Similarly strong trading volume has been present for quite some time now, and it doesn’t appear things will change in this regard over the next few days. If there weren’t such a demand for BCH, this volume would never have reached such heights. It is evident people enjoy trading Bitcoin Cash, although it remains to be seen how much of that is based on speculation first and foremost.
As has been the case for nearly two full weeks now, the Bitcoin Cash trading volume is mainly dominated by Bithumb these days. Its volume still represents over 40% of all BCH trades, which is pretty interesting. So far, this doesn’t appear to have had any negative impact on the Bitcoin Cash price. Coinone is in second place on the list of exchanges ranked by volume, although its gap with Bitfinex is pretty small. That’s an interesting situation well worth keeping an eye on.
All of this goes to show that speculation in connection with Bitcoin Cash is far from over right now. There is still sufficient momentum in place to continue pushing this currency’s value toward US$1,500. At the same time, we may see the Bitcoin Cash price drop again in the coming hours.