Bitcoin Cash has increased about 50% this week after a controversial hard fork which brought price from $630 to below $100.
Price has increased from opening at around $80 on Monday to an intraday high above $120 today.
With the exception of Waves (WAVES), Bitcoin Cash is the top performer in the top 20 cryptocurrencies over the past 24 hours.
Both the MACD and RSI are increasing, indicating building buyer momentum.
Whether Bitcoin Cash can continue, this increase is likely to depend on overall market conditions.
This week marks the first significant bullish conditions since mid-November. Any previous rises since had quickly returned to bearish movements.
The hourly chart illustrates the significant surge Bitcoin Cash has been on recently.
Bitcoin Cash has formed a steep uptrend after forming a series of higher highs and higher lows.
Price action may be approaching a turnaround point with a bearish divergence forming between the hourly price action and RSI.
A bearish divergence is a typical trend reversal pattern and occurs when the price goes on to form higher highs despite the RSI forming lower highs.
This shows price continuing to increase despite buying pressure falling off.
The hourly MACD would further support the reversal outlook.
The hourly MACD is crossing its signal line to the downside which is a bearish signal.
The main bullish perspective is that these signals are occurring on the hourly chart which provides less reliable indicators than the longer-term daily chart.
The daily chart shows momentum still strong on the buyer side and would indicate any pullback is likely to be followed by a continuation in price appreciation.
- Bitcoin Cash surges 50% with the first significant bullish conditions hitting the cryptocurrency market since mid-November.
- Momentum is strongly on the side of buyers on the daily chart with both the RSI and MACD increasing.
- The hourly chart indicates that a turnaround is due with a bearish divergence taking place between price and RSI, and also the MACD crossing its signal line to the downside.
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First Significant Surge for Bitcoin Cash [BCH] Since Hard Fork was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.