CandleFocus Bitcoin Cash (BCH): Golden Cross Confirmed, Bullish Breakout Coming?
2024-10-31
Author: Content Editor
Bitcoin Cash (BCH) has been experiencing a bullish trend, although it has faced resistance at the $388.49 level. The recent price action has led to a drop in market capitalization and trading volume. However, a Golden Cross pattern on the 4-hour chart suggests a potential upward trend. The MACD and Chaikin Money Flow indicators are showing signs of slowing momentum and weakening buying pressure. On the daily chart, BCH is displaying a falling wedge pattern, indicating a possible bullish reversal. The RSI is in a neutral to slightly bullish position. Support levels for BCH are around $365 and $360, with resistance at $390. A decisive break above $390 could lead to a test of the $400 mark. However, Bitcoin Cash Open Interest has decreased, suggesting decreased trader participation and hesitation at current levels.
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