Bitcoin Cash

Bitcoin

Momentum

Daily

<p>Bitcoin Cash (BCH) has been the story of the day in the cryptocurrency industry. The coin is currently trading at a promising $235, marking an impressive increase of almost 6% in the last 24 hours. Such a surge in price has piqued the interest of many, leading us to delve deeper into the community to uncover the reasons behind this recent uptrend.</p> 
<p>Famous Twitter analyst, <strong>TheCryptoMouth</strong>,<strong><a href="https://twitter.com/TheCryptoMouth/status/1688520471539544065?s=20" target="_blank" rel="noopener noreferrer nofollow"> recently shared his insights</a></strong> on the coin’s performance. He pointed out that $BCH, also known as Bitcoin Cash, has successfully navigated out of a potentially risky zone. The coin made a flawless bounce within its trading channel that has been established since July 1. TheCryptoMouth had previously emphasized <strong>the importance of the price climbing above the $224 mark</strong>, and it seems BCH did not disappoint. </p> 
<figure class="wp-block-image size-large"> <a href="https://captainaltcoin.com/go/coinstats-3/" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" loading="lazy" width="1024" height="699" src="https://captainaltcoin.com/wp-content/uploads/2023/08/chart-17-1-1024x699.png" alt="" class="wp-image-306761" srcset="https://captainaltcoin.com/wp-content/uploads/2023/08/chart-17-1-1024x699.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/08/chart-17-1-300x205.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/08/chart-17-1.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/08/chart-17-1-1536x1048.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/08/chart-17-1-2048x1397.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/08/chart-17-1-220x150.png 220w, https://captainaltcoin.com/wp-content/uploads/2023/08/chart-17-1-100x68.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/08/chart-17-1-513x350.png 513w, https://captainaltcoin.com/wp-content/uploads/2023/08/chart-17-1-788x537.png 788w" sizes="(max-width: 1024px) 100vw, 1024px"></a> 
</figure> 
<p><em><strong>Source: <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="CoinStats" href="https://captainaltcoin.com/go/coinstats-3/" data-shortcode="true">CoinStats</a></strong></em></p> 
<p>The coin’s current position is just below a resistance area, making the next price action crucial. Will it break out upwards? Or will it swing back down to the lower part of the downtrend channel? Or perhaps, it might begin to consolidate. Only time will tell, TheCryptoMouth concludes. </p> 
<p>In another interesting development, <strong><a href="https://twitter.com/coinscreener_ai" target="_blank" rel="noopener noreferrer nofollow">Whale Trade Alerts</a></strong>, a top-notch on-chain analyst, reported significant whale activities related to BCH. In a span of just a few hours, there were multiple large buy orders for BCH on Binance USDⓈ-M:</p> 
<ul> 
 <li>$95.03k #BCH longed at $239.75 (USDT)</li> 
 <li>$59.98k #BCH longed at $239.90 (USDT)</li> 
 <li>$59.23k #BCH longed at $239.90 (USDT)</li> 
</ul> 
<p>Such substantial moves by top traders could very well be indicative of the recent surge in BCH’s price. It’s worth noting that these are just a few examples, and there have been many more similar activities reported today.</p> 
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:"> 
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"> <i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i> 
  <div class="rh-colortitle-inbox-label"> 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> Unibot: Trading Intelligence that Makes You 7x More Successful! 
  </div> 
 </div> 
 <div class="rh-colortitlebox-text"> 
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px"> 
   <div class="rh-toggler-wrapper" style="height:100px"> 
    <p><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;"> Discover the edge in crypto trading with <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Unibot" href="https://captainaltcoin.com/go/unibot/" data-shortcode="true">Unibot</a> – a user-friendly Telegram bot that boasts a 35% profitability rate amongst users, seven times higher than the average trader (only 5% of traders are profitable)! <br><br>Experience top-notch features like decentralized copytrading, DEX-based limit orders, and protection against MEV bots. <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Unibot" href="https://captainaltcoin.com/go/unibot/" data-shortcode="true"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> Click to connect with Unibot <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"></a>! </p> 
    <p></p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span> 
   </div> 
  </div> 
 </div> 
</div> 
<p>Well-known trader, <strong>Mr. Tonks</strong>, also weighed in on the BCH situation. He highlighted the coin’s resilience, especially when its price drops are not led by Bitcoin ($BTC). He hinted at a favorable Risk to Reward ratio and pointed out the Daily EMA 24 as a target. This comes after his previous tweet where he suggested that BCH might take a significant leap if Bitcoin faces a downturn, emphasizing the potential room for growth on the weekly charts.</p> 
<p><em><strong>You can buy BCH on <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Coinbase" href="https://captainaltcoin.com/go/coinbase/" data-shortcode="true">Coinbase</a> or <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Binance" href="https://captainaltcoin.com/go/binance/" data-shortcode="true">Binance</a> exchanges.</strong></em></p> 
<h2 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h2> 
<p>The recent surge in Bitcoin Cash’s price has undoubtedly caught the attention of many in the crypto community. Insights from top-notch analysts and traders suggest a mix of technical factors and significant whale activities as potential reasons behind this uptrend. </p> 
<p>As BCH currently hovers below a resistance area, the crypto community will be keenly watching its next moves. Whether it breaks out, consolidates, or swings back down, one thing is clear: BCH remains a coin of interest, and its future trajectory will be closely monitored by experts and enthusiasts alike.</p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/the-momentum-is-bullish-for-bitcoin-cash-bch-if-the-price-stays-above-this-support-level-heres-communitys-outlook/">The Momentum is Bullish for Bitcoin Cash (BCH) if the Price Stays Above This Support Level – Here’s Community’s Outlook</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

The Momentum is Bullish for Bitcoin Cash (BCH) if the Price Stays Above This Support Level – Here’s Community’s Outlook

Table of Contents

CaptainAltcoin

Other articles published on Aug 7, 2023

Binance Releases Proof of Reserve Report for 30 Cryptocurrencies

US Businesses to Collect Information on Crypto Customers Over $10K!

Dirumorkan Bangkrut, TVL Huobi Terjun Bebas Berkurang Drastis

Borroe stands out amid ApeCoin and Compound collapse

The Emerging Force of TG BOT: On-chain Marketing and Grassroots Counterattack

Shiba Inu (SHIB) Sees Remarkable 2,200% Rise in Inflows – What’s Behind the Surge?

Join our free newsletter for daily crypto updates!