Bullish Momentum Drives BCH to $131 Milestone – Cryptopolitan

The latest Bitcoin Cash price analysis shows that there has been an upward trend in the last 24 hours due to the rapid growth of the price. A continuation of the bullish trend is indicated by green candlesticks. Despite yesterday’s price adjustment, today’s trend is positive for buyers. As of April 9, 2023, the overall trend has been bullish and the latest uptrend has brought BCH/USD to its current value of $131.37.

BCH/USD 1-day price chart: BCH tops as bullish trend continues

The one-day Bitcoin Cash price analysis provides a favorable indication of today’s price movements. Due to the abrupt reversal of the bullish trend, the price has been trending upwards in the last 24 hours. Despite the bulls winning consistently the previous week because the trend line was up, the coin denied more upside yesterday and entered a correction. Today, the price started to rise again and reached $131.37, adding 2.29 percent to its value in the last 24 hours. The price is currently above the moving average (MA) of $127.25.

The price may get a further bullish boost in the coming days as a result of the price crossing the upper bound of the volatility indicator, which is a sign that volatility is increasing, which is beneficial for predicting future market movements. When we discuss the upper and lower values ​​of the Bollinger Bands indicator, the upper band shows a value of $131.14, which was the strongest resistance, while the lower band shows a value of $119.80, which is the strongest support for BCH. The Relative Strength Index (RSI) graph shows an ascending curve, and the index value has risen to 57. The indicator’s ascending graph gives a signal of the market’s buying activity.

Bitcoin Cash Price Analysis: Recent Developments and Additional Technical Indications

Due to the fact that buyers have been in charge of the price movement for the past 16 hours, the 4-hour Bitcoin Cash price analysis predicts a strong positive trend for the market. The 4-hour price chart confirms an uptrend in relation to the bigger picture by being marked with a series of green candlesticks. The higher price action is now confirmed by the short-term moving line. The coin’s value has climbed to $131.37 as a result of the positive trend. The SMA 20 curve is trending higher than the SMA 50 curve, which is another bullish sign. The moving average value is $129.34.

Currently, the Bollinger Bands are making an average of $128.66. Their lower edge reaches $125.76 while their upper edge is at a high of $131.56. The bullish trend has subsided and as a result the RSI score has flattened at index 67. However, a further increase in the value of BCH/USD is expected in the coming hours.

Bitcoin Cash Price Analysis Conclusion

The 1-day and 4-hour Bitcoin Cash price analysis shows a strong bullish trend, as the price underwent a significant improvement. The coin’s value is currently at $131.37 as a result of the growing bullish momentum. Over the next few hours, the market value of the coin should rise further. On the other hand, selling pressure may also develop as the 4-hour chart suggests that resistance may exist at the $131.56 level, which may temporarily halt the upward price movement.