Bitcoin Cash has been using the bullish surge in the market to its advantage after the digital asset went on to crush the $650 resistance to trade at $680. Even though the market fell a little below the moving averages, the digital asset summoned the bulls and surged on to now place at a price close to $693, where it is presently trading.
The asset is still exhibiting bullish signs and is still on its way to break the $700 price mark with its previous profit in the last 24 hours 3.50%. As it stands now, the asset is still enjoying life above the moving averages as the bulls have been working in their favor to push it where it is now.
Bitcoin Cash now trades around $693
Should the asset witness a slight decline run, it would move under the moving averages and hope that the bulls defend its price at $600. If the bull fails to defend the price at that level, the digital asset could go all the way to trade around the $550 price zone before going on to trade at the crucial support at $500.
If the bears gain ground, then the asset could trigger another bearish run to trade at a price region close to $450. Despite this, the digital asset is still trading above the 60 level of its Relative Strength Index, and this could see an influx of buyers enter the market. If this triggers the asset to move into the upper boundary more, the asset would eventually touch close to the resistance level at $700.
With the asset moving close to $700, the bulls could enter the market and push it towards the $750 region before trying to go for the $800 price mark. If the bulls gain ground, they could be pushing for a shot at a region close to $850.
The traders would be hoping that the market does not see a decline which would push it back to the previous support level that it traded at. Should this happens, the bears would be gifted with an opportunity to enter the market, proving disastrous if they take it.
But with the recent on-chain analysis, the bulls have gained more ground and are still pushing the price up in the market. Also, traders and experts are confident that the market would show bullish momentum and act on it before it starts to witness any reversal or decline.
Trading against Bitcoin, Bitcoin Cash is still in the upper region, with the coin looking to touch close to the resistance level at 1138 Satoshi if buyers add enough pressure. If the bulls push the price further, it could go all the way to touch both the 1300 and the 1350 Satoshi price mark.
Technical on-chain data favors the asset, showing that a bullish run is in the offing. The bulls have wrestled power from the bears and are controlling the market presently, but if the price of the asset drops, it will hit 1000 Satoshi before going on to touch 950 Satoshi.