These factors suggest that Bitcoin Cash's recent rally has just started
The past week has been extremely bullish for the controversial Bitcoin Hard Fork Bitcoin Cash (BCH). This cryptocurrency saw a meteoric surge just a few days ago, which was associated with the upturn in the altcoin markets and it seems that BCH is about to make another significant surge.
Analysts are now finding that the recent BCH upward trend could soon become parabolic as its technical and fundamental impact is increasingly upward.
Bitcoin Cash once again shows signs of an upward trend as it continues to move upwards.
At the time of writing, Bitcoin Cash is trading at its current rate of $ 282, which is a notable increase from the daily lows of $ 262 and only a slight decrease from the daily highs at $ 269 marked.
At the beginning of last week BCH had a massive increase, which allowed it to move from its lows of $ 230 to peak levels of just over $ 270. This massive rally coincided with the upswing of most major altcoins, with the two most prominent Bitcoin Hardforks – Bitcoin Cash and Bitcoin SV – leading the markets.
BCH's ability to maintain stability around the peaks of the recent rally indicates the fundamental strength of buyers. Technical analysis appears to further support this idea, as Big Cheds, a popular crypto analyst on Twitter, said in a recent tweet:
$ BCH #BitcoinCash – Daily chart – Bull flag consolidation while testing MA 200 pic.twitter.com/Aky8SHLFMX
– Big Cheds (@BigCheds) 13. January 2020
Bagsy, another popular cryptanalyst on Twitter, said in a recent tweet that he is optimistic about Bitcoin Cash for a variety of different fundamental and technical reasons, and indicated the upcoming halving of BCH.
To expand my bullish thought process:
1) Halving coming up (May 24 th)
2) 4th tap of horizontal resistance
3) Massive bullish divergences on HTF
4) Volume growing
I'm prepared for a pullback into 0. 031 with additional bids , pic.twitter.com/0v4iDzYvsI
– Bagsy (@imBagsy) 12. January 2020
The convergence of all of the above factors gives a very optimistic picture for Bitcoin Cash and they all seem to indicate the possibility that the latest rally is currently in the early stages.
Proof of text: newsbtc