Today, Bitcoin Cash has become a leader in crypto growth. Over the past 24 hours, BCH has jumped by 4% and reached an eight -month maximum at $ 522.40.
We figure out what is happening on the Bitcoin Cash (BCH) market and what to expect from the price of cryptocurrency.
Bitcoin Cash bulls prevail
The BBTrend indicator indicates an increase in bull impulse. The graph below shows that in the last few days, green bars of histograms are steadily growing. At the time of writing this analysis, the BBTrend is at 9.4.
For BCH, such a dynamics means that the bull impulse on the market is stably strengthened. In current conditions, you can expect further growth of cryptocurrency in the coming days.
The Smart Money (SMI) index supports this bull forecast. At the time of writing, the indicator is at the level of 85.1, rising by more than 220% from the fifth of June.
When the indicator grows, key investors are more actively buying, which signals the growing confidence in the asset. The steady growth of SMI for BCH in recent weeks reflects strong bull pressure that maintains its growth.
BCH is aimed at new maximums
BCH can rise even higher in the coming days, since the growing demand enhances the purchasing pressure. If the accumulation continues, the coin can reach $ 556.40.
However, if demand stops and profit fixation begins, the price may fall to $ 490.80. A breakdown below this support will lead to a further decrease to $ 444.70.
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Source: Cryptocurrency
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