Tentatively higher from an earlier low of $108.16, Bitcoin Cash is up to $119.82 today, adding $10.19, or 9.29%, to today's closing price of $109.64.
Bitcoin Cash broke through the $110.97 resistance and climbed above it $8.85; next resistance level is at $112.16. Bitcoin Cash made an initial breakout above its 200 day Simple Moving Average at $114.66, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $108.16 to $123.72, Fibonacci-inclined Bitcoin Cash traders were highly concentrated around active Fibonacci resistance at $111. On the other hand, note that first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Bitcoin Cash's case, the RSI has fallen below 30, indicating the asset is oversold. Bitcoin Cash's upper Bollinger Band® is at $113.76, this is a slight indication of a slowdown.
According to technical analysis, it looks as if BCH likely to continue pointing upward in the short term.
Other markets are also showing gains as Bitcoin gained 5.36% and is now trading at $18,900. FTX Token rallies 9.54% to trade around $1.36. Cosmos USD is up 4.18%.
This year has been a bright one for Bitcoin Cash after trading as low as $88.95 and going on to appreciate by 13.47% year to date. Bitcoin Cash is currently trading with a market cap of 2.31 billion with an average daily volume of 6 million.