Bitcoin Cash (BCH) is attracting the attention of investors as its price is increasing rapidly.
Together with Ripple, in fact, Bitcoin Cash is among the cryptocurrencies responsible for the return of the total capitalisation of the crypto market close to 220 billion dollars, a level abandoned at the beginning of October.
The alternation of green and red signs when scrolling the list of prices of the main cryptocurrencies shouldn’t deceive the operators. In fact, for all the first 25 of the ranking the increases of the last 72 hours are making prices go up again, some are even scoring double digits. A movement that pushes prices away from the dangerous supports reviewed at the end of last week.
BCH, the coin born from the first Bitcoin hard fork occurred in August 2017, in turn is going to fork its blockchain next November 15th. This event is considered by many to be a reason for speculation in order to take advantage of the network’s ‘doubling’.
Since last week’s levels, BCH has risen by more than 45%, going beyond $600. Prices that have not been seen since the beginning of September.
After being stuck under 6500 dollars from the end of October, the bullish trend started yesterday evening managed to break the wall and reach just over 6600 dollars.
Despite the low volumes, the technical signal is worthy of attention. In the next few hours, it will be necessary to consolidate above 6500 dollars to assess the basis of this recent rise above one percentage point in the last 24 hours.
In the medium term, a return above 6750 dollars is necessary. Negative, however, would be a decline below 6400 dollars, which would partially nullify the bullish trend of the last three days.
It’s comforting to see prices move away from the dangerous level of $200. A level that has catalysed fluctuations since the second half of October. The overcoming of 220 dollars is the first signal expected by the bulls who in the last 48 hours are making themselves known with the return of daily trading volumes above the average exchange of the last 15 days.
Technically, the return beyond the threshold of 230 dollars remains decisive.
On the contrary, a return below 200 dollars would burn the euphoria of recent days that has seen ETH rise by more than 11% from last Wednesday’s levels.