Bitcoin Cash (BCH) has seen an incredible increase of 100% in just one week, leading to speculation about the reasons behind this remarkable upward movement. Despite this significant price increase, BCH faces challenges in breaking above the $220 level, which could potentially trigger a bearish correction. At present, the current price of BCH stands at $203, accompanied by a 24-hour trading volume of $1.3 billion. BCH holds the #20 rank, boasting a live market capitalization of $3.9 billion.
Technical Outlook for Bitcoin Cash
Bitcoin Cash (BCH) has made a significant breakthrough by surpassing the double top resistance level at $120, indicating a bullish trend in its price movement. A strong bullish candlestick pattern on the daily timeframe confirms significant buying interest among investors, propelling the price of BCH toward the $222 level. However, if the candles close below this level, it could potentially trigger a bearish correction in the price of BCH. It is important to note that minor corrections may occur, leading to a retracement toward the $163 level.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators on the daily timeframe are currently in the overbought zone, suggesting that the bullish momentum may be nearing its exhaustion point. This presents an opportunity for sellers looking to profit from a potential correction below the $150 level, with target support levels at $130 and $120 offering attractive selling points. A break below $120 may create additional selling opportunities, with targets at $111 or even $100, presenting potential profit-taking opportunities for sellers.
Conversely, a decisive break above the $220 level could fuel Bitcoin Cash’s ascent to new highs at $240 or $265 stations, opening up possibilities for bullish trades.
WSM: Another Promising Alternative Coin
In addition to Bitcoin Cash, another promising alternative coin to consider for investment is Wall Street Memes (WSM). Adding WSM to your investment portfolio alongside Bitcoin Cash allows you to maximize your chances of success in the crypto market. Wall Street Memes, a well-known online community for individual investors, has reached a notable achievement with the highly successful presale of its meme coin, $WSM. Within a few weeks of its launch, the presale has garnered an impressive fundraising amount of over $10 million, demonstrating a remarkable fundraising rate.
During the presale phase, investors have the opportunity to acquire $WSM at a price of $0.0301. However, as the presale advances, the price will increase to $0.0304, providing investors with the potential to secure assured gains on paper by participating at this stage. Seize the chance to participate in the presale of $WSM and potentially benefit from its promising growth. Take action now and buy Wall Street Memes to be a part of this thrilling and lucrative opportunity!