Bitcoin Cash is now trading at $117.23 after tracing out a steady $116.86 – $120.15 range today.
Bitcoin Cash made an initial breakout above its 200 day Simple Moving Average at $118.27, a potential indicator of a newly emerging bullish phase. BCH's upper Bollinger Band® is at $137.58 and the lower is $113. Bitcoin Cash is approaching key support, around $5.33 away from $111.9. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in Bitcoin Cash, chart analysis indicates it is positioned for a bullish run in the short term.
At the same time, mixed performances are seen elsewhere as FTX Token soars 9.54% to trade around $1.36. Bitcoin is up 2.48%. Cosmos USD added 4.32% to its value, now trading at $11.4.
BCH has fallen back around 61.86% from the significant high of $308.18 set a year ago. BCH has a market cap of 2.27 billion with an average daily volume of 109.80 million.