Yesterday, due to Grayscale winning a case against the Securities and Exchange Commission (SEC), the crypto market witnessed a surge in coin prices. Fundamentally, this was significant news that spurred the bulls into action, causing the price of Bitcoin to reach $28,000. During this time, an interesting pattern was exhibited by Bitcoin Cash. It broke through its resistance at $208 and closed the day at $225. In the prior crypto market downturn, Bitcoin Cash touched its 200 EMA and executed a successful reversal after retesting it. Notably, yesterday, Bitcoin Cash broke out of its Bull Flag pattern. According to the pattern, the anticipated target is around $400-$410. The Relative Strength Index stands above 50, and the Moving Average Convergence Divergence also displays a bullish crossover. Currently, Bitcoin Cash is being traded at $215 and is in the process of retesting the Bullish Flag trendline. An essential support level for Bitcoin Cash lies at $210. The 200 EMA serves as robust support, and it is imperative for Bitcoin Cash to maintain a close above this level.
Bitcoin Cash demonstrated its support at the 0.618 FIB level, approximately $182. At present, it is trading above the 0.5 FIB level. Sentiments are decidedly bullish for Bitcoin Cash, yet it remains crucial for the cryptocurrency to uphold its $180 support level.
Bitcoin Cash demonstrated its support at the 0.618 FIB level, approximately $182. At present, it is trading above the 0.5 FIB level. Sentiments are decidedly bullish for Bitcoin Cash, yet it remains crucial for the cryptocurrency to uphold its $180 support level.