BCH trades at $108.83 after gaining $5.54 (5.36%).
Bitcoin Cash made an initial breakout above its 21 day Simple Moving Average at $107.58, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $106.71 by around $2.12 with prices hammering out a $103.29 – $108.87 session range. Bitcoin Cash broke through the $106.87 resistance, climbing $1.96 above it.
Overall, looking at the technical analysis landscape, it seems BCH might continue pointing upwards in the short term.
Bitcoin Cash shows positive signs, other assets are also on par: having closed the previous session at $61.4, Litecoin is up 11.92% today to currently trade at around $68.72. Having closed the previous session at $5.86, Chainlink USD is up 8.42% today to currently trade at around $6.36. Binance Coin is up 3.78%.
11 months ago Bitcoin Cash reached a significant high of $622.84 but has consequently lost 83.42% since then. BCH is currently trading with a market cap of 2 billion with an average daily volume of 15.14 million.