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With the Bitcoin price sustaining above the $71000 level, the close-linked Bitcoin Cash shoots overnight. As the BCH price trend siphons
Bitcoin Cash price is closely linked to the Bitcoin price movements. As BTC sustains above the $71,000 mark, close-linked BCH shoots up overnight. With the market recovery boosting the BCH price trend, the bulls are making a comeback.
The buyers attained an 8.67% upmove this week, undermining last week’s downfall. As the bull run picks up pace, will the Bitcoin Cash price reach $1000 in this recovering market? Read along for our BCH price prediction, which provides a long-term view.
Bitcoin Cash Price Performance
Despite a slide below the $500 cushion in April, the BCH price took support at the crucial demand zone of $400. However as the market bounces back, Bitcoin Cash takes a bullish reversal with a successful retest.
Tradingview
In the weekly chart, we can observe this week’s 8.67% upmove, which undermines the evening star pattern and last week’s downfall. This increases the chances of an upside move as the altcoin undergoes a rounding reversal.
Currently, the BCH price trades at $492.97 following the 3.86% rise last night to make a third consecutive positive day. However, the 0.56% intraday pullback warns of a minor fall today.
Technical indicators:
EMAs: The golden crossover in the 50 and 200 weekly EMAs bolsters the uptrend chances in the Bitcoin Cash price.
RSI: As the recovery rally gains momentum, the weekly RSI line teases a W-shaped reversal, ready to reach the overbought zone.
Will The BCH Price Cross $600?
As per the Fibonacci levels, the BCH token price takes a bullish reversal from the 23.60% level and is ready to reclaim the $500 mark. As the bullish dynamics take over the price chart, the upcoming trend in the Bitcoin Cash price trend seems optimistic.
An upside potential above the $500 mark could cross the 38.20% Fibonacci level at $600 to reach a 50% level at $760 by the end of June.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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