Bitcoin Cash Bullish Run
The rebound of BCH coincides with the latest attempt by Bitcoin to reach its all-time high of $111,968. On Monday, the flagship cryptocurrency briefly surpassed the $108,000 mark, reviving a sense of euphoria across the crypto market and propelling altcoins like Bitcoin Cash along with it.
Currently trading at $476.28, BCH continues its bullish trend that started several weeks ago. Data from the daily chart BCH/USD shows that this altcoin has been moving in a steady upward trend since April 7, regularly setting higher highs and higher lows – a classic sign of a strong bullish momentum.
Furthermore, Bitcoin Cash is trading above the Span A and Span B lines of its Ichimoku cloud, reflecting a clear dominance of bulls in the market. These dynamic lines now serve as support levels at $435.65 and $413.30 respectively.
BCH Upside Potential
Analysis of the Ichimoku cloud indicates that BCH is in a strong bullish trend. The area above the cloud is considered a bullish zone, highlighting positive investor sentiment towards this altcoin.
Moreover, the positive funding rate of 0.0006% on BCH futures contracts reflects a clear preference of traders for long positions. This parameter reinforces the notion of a sustainable bullish momentum for Bitcoin Cash.
Currently, BCH is trading just below a key resistance level at $490.89. If demand intensifies, the altcoin could break through this long-standing barrier and establish it as a new support. Such a scenario would then pave the way for a rally potential towards $556.60, a level not seen since last December.
However, a wave of profit taking could challenge this bullish outlook. In that case, Bitcoin Cash could retreat to $444.74 before retesting the dynamic support line Span A of the Ichimoku cloud at $435.65.
How to Buy Bitcoin Cash (BCH) on Bitget ?
- Create a Bitget account by signing up with your email address and completing the identity verification process (KYC).
- Add funds to your wallet using a credit card, bank transfer, or by transferring cryptocurrencies from another platform.
- Look for the BCH/USDT pair in the Spot or Futures section, depending on the type of exchange you want to make.
- Choose the order type (market order, limit order, or futures contract) and enter the desired amount.
- Confirm your purchase to receive your BCH, which will be available directly in your Bitget wallet.
Before making any transactions, remember to study market trends and adjust your investment strategy accordingly.
