The digital asset has seen some notable gains in the past few days, linked to the industry’s current bullish outlook as many coins within the space have added notable gains. While yesterday, the coin had a strong bullish outlook, it’s currently moving towards a balanced system. The asset could face more bullish or bearish activities as both participators are dominant in the digital asset.
It has struggled for weeks to maintain a stance above the $500 mark, which is currently the position. Charts show that this might be short-lived as bears are also active in the market and would probably wait for a breakout at a critical resistance point to assure more drastic falls.
BCH signals shows volatility
The asset fluctuates between the red and green zone, which means that its next move could be unpredictable as it strives to find a balance between the two markets. Another way the asset could assure more substantial bullish inputs is to reclaim its ATH. The asset’s present resistance holds around $650, $700, and $750.
On the other hand, the support keeps the asset steady at around $450, $400, and $350. The crypto space has to keep things inline to prevent the asset from losing the $500 support, or it could drastically fall to an even lower low. The asset has been making some signs of indecision, which could mean that a breakout is on the verge of occurring.
Charts show that Bitcoin Cash’s different movements have had more declines than surges due to its inability to maintain a bullish run. Despite things being on certain for the coin, it continues to move above the 9-day and 21-day moving averages, signaling more gains for BCH holders.
Interestingly, there is a persistent pattern that Bitcoin Cash has been exhibiting in the last few days. The crypto sees a reversal as the day continues, meaning that if it starts the day with an uptrend, it would likely end it with a price decline.
Bitcoin Cash has the potentials for bigger breakouts
Although the asset is waiting for the movement above the moving averages, there are still signs that it would gain incredibly before that happens. The crypto’s edge over the 21-day MA helped add the present gain above the $500 mark.
The support has to continue to hold, or the crypto could see a downtrend to its closest support around the $450 mark and below. If there is enough bullish momentum, the next price mark for the crypto would be around the $600 mark, which would pave the way for retaking the $700 price point and above.
The technical indicator, RSI (14), is currently around the 50-level, showing a balance between the bearish and bullish forces. This could also be a buy signal for interested investors. Bitcoin Cash has been quite stable than usual due to the balance between the support and resistance level. Investors in the space want to bring in more robust bullish support, which could mean that the asset would skyrocket in the next few days as long as the support holds.
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