Bitcoin Cash (BCH) extended its recent rally on Sunday, increasing 5.25% to $ 583.64 at 08:54 GMT, according to Coendesk data. Token has now earned 10.5% during last week, 15.7% in the last two weeks and 17.3% in the last 30 days.
The breakdown of Sunday has caught the attention of several technical analysts, who marked the upward signs both in the price action and in the commercial structure.
The “CW” analyst said that BCH is “breaking the sales wall”: a term that merchants use to describe a strong concentration of sales orders at a specific price level. When the price crosses such a wall, it often indicates that buyers are absorbing that supply and that the ascending impulse could accelerate. CW pointed out $ 620 as the following potential objective if this break is maintained.
Another analyst, “Ultimae GL”, focused on the long -term table, observing that BCH had cleared a level of resistance that had remained for a prolonged period. Long -term resistance generally refers to a price price that has rejected ascending movements on multiple occasions. When that barrier breaks, it can indicate the beginning of a new upward trend. Ultimae GL warned that merchants might want to expect a “decisive breakup”, which generally means a strong daily closure above the resistance, before entering, but still projected that BCH could rise up to $ 680 in the near future.
A third analyst, “XForceglobal,” described the current price structure as highly optimistic. They pointed out that BCH has remained above its so -called “base trend line” for approximately one month. A base trend line is a diagonal line that connects the highest minimum series in an upward trend, and continuous price movement above it suggests that buyers are constantly intervening at higher prices, another sign of construction force. The analyst described the rally as “not only good news”, but “fantastic”, given the sustained purchase activity.
Bitcoin Cash, a bitcoin bifurcation that was launched in 2017, is designed to serve as a digital currency of equal to equal and faster and cheap transactions. Its recent ascending trajectory, combined with the volume of acceleration and the configurations of the upward table, has renewed the interest of both retail merchants and technical merchants.
TECHNICAL ANALYSIS
- According to the technical analysis data model of Coindesk Research, Bch won 5.62% in the 24 -hour period from July 26 to 09:00 UTC to July 27 at 08:00 UTC, meeting from $ 554.54 to $ 584.66 within an intradic and intrad and $ 33.61 range.
- There were two main volume peaks at 01:00 and 06:00 UTC on July 27, with a volume range at 80,230 and 120,748 units, respectively.
- The support zones have emerged at $ 556– $ 558 and $ 568– $ 570 after consolidation; The short -term resistance is established about $ 585.
- At the final negotiation time, BCH increased an additional 0.46%, reaching an intra -diastrate of $ 584.95. The new support was formed to $ 583– $ 584, which suggests an ongoing upward impulse.
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