Bitcoin Cash (BCH): Surging Crypto Set to Test Key Resistance Levels
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Bitcoin Cash (BCH) is experiencing a remarkable rally this week, surging by nearly 80% and attracting significant attention from the cryptocurrency market.
Bitcoin Cash is currently trading at $186.1, reflecting a 39.40% increase so far today.
The 20-day, 50-day, and 100-day EMAs are $120.2, $117.1, and $118.4, respectively, demonstrating that BCH is trading well above these levels, which is typically a bullish signal.
The RSI is currently at 86.13, up from yesterday's 71.08. This indicates that BCH is in overbought territory, which could imply a potential short-term price correction.
In terms of volume and market capitalization, BCH has seen a significant increase, with a market cap up by 37.84% to $4 billion and 24-hour trading volume up by 107.62% to $869 million.
This suggests that there is strong market interest in the asset, which could help push the price higher.
As for price levels to watch, BCH is approaching a key resistance zone between $205 and $215.8.
On the downside, immediate support is found at the horizontal support level of $171.7 to $174.8, which last acted as support in May 2022.
Below that, the Fib 0.236 level of $169.3 could provide further support.
The technical indicators for Bitcoin Cash (BCH) suggest that the recent rally may continue, but traders should be cautious of the overbought RSI reading.
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