Bitcoin cash price began a quick recovery after smashing through the $1,000 support zone. BCH smashed through the $1,200 resistance level, putting it in a bullish zone.
On April 2, 2021, BCH attempted a breakout but was denied by the long-term $1,160 resistance range. Following a decline, it is attempting another breakout and has moved significantly above the field. If the latest weekly close holds, it will be the strongest since 2018.
The stock was trading below the 23.6 percent Fib retracement stage of the recent rise from $934 swing low to $1,611 strong. On the downside, solid support is emerging near the $1,350 mark.
The price surged past the $1,500 mark and reached a new yearly peak of $1,611. It is currently trading well above the $1.200 support level as well as the 55 simple moving average (4-hours). Recently, there was a downward correction below the $1,500 support level.
From: https://coinmarketcap.com/currencies/bitcoin-cash/
Bitcoin Cash's current price is $1,419.59 USD, with a 24-hour trading rate of $7,124,585,154 USD. In the last 24 hours, Bitcoin Cash has increased by 4.86 percent. It has a total supply of 21,000,000 BCH coins and a circulating supply of 18,731,506 BCH coins.
In comparison to Bitcoin, bulls have demonstrated no dedication to the current BCH price movement. However, given the recent negative signal, the current market action may continue to pursue the downtrend if buyers are unable to lift the price above the upper boundary of the channel.
BCH/USD is reportedly heading towards the channel's upper boundary at a price of $1364. However, if the bulls continue their upward trend, BCH/USD would most likely cross above the channel, pushing the coin to the support levels of $1600, $1700, and $1800, while remaining above the 9-day and 21-day moving averages.
This week has seen a significant increase in the price of Bitcoin Cash. It is currently ranked ninth among the top cryptos by market capitalization on CoinMarketCap. It is a fixture on the list, but it is branching out as a result of exploratory buyers searching for the next “boom-coin.” It is also gaining popularity due to the fact that it shares a reputation with the mainstay Bitcoin.
