Price Analysis

Cryptocurrency market analysis: Bitcoin cash is surging higher, but will this trend continue?

Currently, bitcoin cash is trading at $977.70, thus close to the vital $1,000. The price shows strong signs of a bullish bias visible on the intraday charts. Factors such as the spiking volatility and the increasing trading volumes can be used to explain why bitcoin cash is surging higher. However, will this trend continue?

As of writing time, the coin has increased by 11.3% over the last 24 hours, according to coinmarketcap. This reflects a 60% increase from the recent low of $603.71 which it reached on April 6th. Currently, the coin is on a major uptrend above the $900 swing low, and it may continue to increase in the near future.

Should there be a downtrend in the market, the coin has strong support at the $970 level according to analysis by Newsbtc. As such, it shows that the current price range support of $960-$970 is very crucial for buyers. Below $950, the next support is near the 50% Fib retracement level of the last upside wave from the $800 low to $996 high at $900.

On Wednesday, the coin gained over 18% and added 10% the following day, this was after CEO and founder of BKCM LCC, Brian Kelly, pitched it in CNBC’s fast money. In the pitch, he mentioned about the bullish technical setups and stressed that he was not a particular fan of either BTC or BCH. Also, he stated that “some people are confused about the real bitcoin, sitting on the fence, I want to buy and sell to make a good profit. However, it singles down to the Satoshi visions and the real bitcoin. People should decide, as for me, making a profit is the main goal.”

Consequently, bitcoin cash is surging higher, especially after reaching the important resistance point, which intensified by daily 50-EMA. Most likely, it may maintain this surge for some time, though after it’s broken, the bullish momentum will be enough to propel the coin past the $1000 point.

Do you think BCH will break past the $1,000 from a strong bullish momentum?

Share your thoughts in the comment section below

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coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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