BCH Price Analysis: Rallies to New Yearly Highs Amid Increased Buying Interest
Bitcoin Cash (BCH) continued to trend higher on Apr. 15, surpassing prior levels reached in the prior days.
*Bitcoin Cash (BCH) continued to trend higher on April 15
*BCH has moved to a fresh yearly high of $845
*Bitcoin Cash revives from downtrend lows amid increasing demand
BCH has moved to a fresh yearly high against the US dollar, with the pair rallying to highs of $845. Analysts said the fresh yearly highs of $845 seen on BCH/USD come as a result of increased buying interest amid April 14 Coinbase listing. The technical analysis highlights that the BCH/USD pair could surge towards $900 and possibly $1000 if the $845 barrier is breached.
Bitcoin Cash Revives From Downtrend Lows Amid Increasing Demand
Bitcoin Cash is a hard fork from the Bitcoin blockchain, created in August 2017. Compared to Bitcoin, proponents claim BCH fees are quite lower while transactions also tend to take less time to clear and require fewer resources. On Mar. 24, Bitcoin Cash (BCH) fell to lows of $442 after Tesla’s CEO, Elon Musk rejected using it for payments.
Bitcoin Cash rose from the doldrums following Latvian airline airBaltic and Paypal adoption. In late March, Latvian airline airBaltic announced that passengers can now pay for flight tickets using Bitcoin Cash (BCH) and other selected cryptos. Online payments giant PayPal also revealed that it might start to accept cryptocurrency (Bitcoin Cash inclusive) as a medium of exchange at its millions of global merchants.
BCH Daily Chart: Bullish
BCH price started a major upward move from Mar. 25 lows of $450. Buyers gained strength and the BCH price settled above the MA 50 at $560. Bitcoin Cash managed to stabilize above the $773 resistance (prior yearly high), moving against many analysts’ expectations that it would correct lower. BCH/USD subsequently moved to a new yearly high at the $845 level, setting the pair up for more upside this week as the RSI is yet to confirm overbought conditions at 74.
On the upside, an immediate resistance beyond the recent yearly high is near the $900 level, above which the price could accelerate towards the $1,000 and $1,200 levels in the coming days. On the downside, there are many supports on the approach to the MA 50 at $560. The previous resistance near $773 is likely to act as strong support ahead of the $652, $625, and $595 support levels. Below the MA 50, support lies at $525, $484, and $442.
BCH/USD 4 Hour Chart
BCH/USD resumed the upward climb on Apr. 4 after it found the needed support at $518 which marks the bullish convergence of the MA 50 and 200. The price climbed above the resistance near $720 and settled well above the moving averages. This opened the doors for more gains and BCH price surpassed a bullish continuation pattern with resistance near $829 before trading to a new yearly high at $845. Technical analysis continues to suggest that the $900 resistance level is the next major upside target for BCH/USD bulls.
Looking above the $900 level, a technical breakout above the $1000 psychological level could propel BCH towards the $1,200 price zone. The RSI is pointing upwards at 76 supporting a positive outlook. On the flip side, should there be a break below the recent support at $758, the next support is $715, and the MA 50 at $682. BCH remains well supported on the downside. Further declines beneath the MA 50 may meet support at $654, $627, $595, and the MA 200 at $575. Overall, BCH/USD remains in a positive trend.
Key Levels
Resistance Levels: $1,200, $1,000, $900
Support Levels: $773, $652, $538
Image Credit: Tradingview
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