Home / Ripple / Bitcoin Cash [BCH] shows signs of growth: Technical Analysis

Bitcoin Cash [BCH] shows signs of growth: Technical Analysis

BCH

The market opens up to bearish trends on Friday, which saw all the coins trading in the red and a major downward trend dominating the market. The bearish momentum dragged Bitcoin Cash [BCH] also in the red. But after witnessing the lows on December 27th, BCH bounced back sharply and is currently trading at $ 166.86, a growth of nearly 12.23 percent. Bitcoin's (BTC) price soaring past $ 3900 again. The combined market cap of the cryptocurrencies has surged over $ 131 billion at the press time.

BCH / USD

If we take a closer look at the chart we will find that the cryptocurrency is currently trading inside a descending channel, which looks like a bullish signal. The currency has surpassed the support level at $ 149.03 and is showing a bullish trend. The RSI indicator is currently at 52.8913 which means that the coin is facing an increase and the MACD suggests that the coin is in the bullish trend and is showing an upward trend. The digital currency is facing resistance at $ 172.00 which means that there is every chance of recovery.

BCH / BTC

The currency has gained almost 5.13 percent against Bitcoin [BCT] and one BCH is worth 0.4261 BTC.

Latest Updates

In an interesting development on Saturday, one of the leading crypto exchanges, Kraken announced that it has launched margin trading for two digital currencies, Ripple's XRP and Bitcoin Cash [BCH]. The currency pairs for Bitcoins Cash and Ripple's XRP are available with Bitcoin [BTC], US dollar and Euro [EUR] on the trading platform.

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Speaking about Movo's move, Sonny Singh, Chief Commercial Officer at BitPay said, "We support MovoCash's efforts to promote the value of cryptocurrency by making it easy for those who have Bitcoin and Bitcoin.

See Also: Brazil to accept Bitcoin, Bitcoin Cash, and Litecoin as crypto payments

Bitcoin Cash on the move, nearly 14 million BCH transferred in the past 24 hrs

Image via Shutterstock

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