After closing at $98.56 today, BCH began today at $98.56 with significant bullish sentiment driving BCH's price action higher. So far today, price action has drawn out a distinct $98.56 to $100.56 range.
Technical chart analysis shows Bitcoin Cash could be slowing down soon; it is getting close to the resistance line and is now at $103.11, only $2.6 away. Crossing the resistance line could, however, suggest that further gains are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bitcoin Cash's lower Bollinger Band® is at $99.79, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Bitcoin Cash is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as having closed the previous session at $240.63, Binance Coin is up 3.59% today to currently trade at around $249.27. Dogecoin is up 4.4%. Ethereum gained 3.46% and is currently trading at $1,208.62.
BCH reached a significant high of $458.68 around 11 months ago but has lost 78.51% since then. BCH has a market cap of 1.94 billion with an average daily volume of 7.85 million.