Currently trading at $104.57, Bitcoin Cash remains range-bound between $103.75 and $105.45.
Bitcoin Cash made an initial breakout above its 3 day Simple Moving Average at $103.93, a potential indicator of a newly emerging bullish phase. Despite this, a "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. Although Bitcoin Cash is appreciating today after rising as high as $105.45, price action is now slowing and consolidating around $1.21 below the $105.79 resistance level.
Overall, looking at the technical analysis landscape, it seems Bitcoin Cash might continue pointing upwards in the short term.
Other markets are also showing gains as Binance Coin gained 1.78% and is currently trading at $272.78. TRON goes up 1.42% to trade around $0.051. Algorand USD is up 2.85%.
Bitcoin Cash hit a significant low of $88.95 around 9 days ago, but has since recovered 16.64%. BCH has a market cap of 2 billion with an average daily volume of 15.46 million.