Bitcoin Cash (BCH) Chart Turning Positive after Latest Rally
Bitcoin Cash (BCH): News, Price, Chart and Technical Analysis
- Positive fundamental news sends Bitcoin Cash to a three-week high.
- Chart breakout suggests rally is not yet finished.
Bitcoin Cash (BCH) Cheered by a Double Dose of Good News
Bitcoin Cash, the fourth largest cryptocurrency by market capitalization ($9 billion) jumped sharply higher Wednesday as positive news flow enticed buyers back into the market. Cryptocurrency exchange Gemini tweeted that they had receiver regulaory approval to list BCH, although ‘no launch date has been announced’. Exchange listings normally boost crypto prices due to improved liquidity and customer reach.
On the same day, crypto mining giant Bitmain announced that it had officially filed an application to go public (via an IPO) on the Hong Kong stock exchange. The listing showed that the company made $2.845 billion in revenue for the first half of 2018. Bitmain is thought to hold around 1 million BCH on its books.
The latest daily BCH chart shows the price breaking back above the recent downtrend and moving above the 20-day and 50-day moving averages which have weighed on the token for the last two months. To add more credibility to the latest move, BCH will need to trade and close above the recent lower high around $660 to confirm bullish sentiment.
The latest BCH daily chart also shows higher lows and higher highs over the last three days, another positive technical signal. See why these matter when making trading decisions – Buy the Higher Low and Sell the Lower High
Bitcoin Cash (BCH) Daily Price Chart (February 12 – September 27, 2018)
IG Retail Sentimentshows that traders are 89.6% net-long BCH - a bearish contrarian signal.
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What’s your opinion on Bitcoin Cash? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at email@example.com.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.