Bitcoin Cash is today’s top gain for Crypto Market. Altcoin has risen 4% in the last 24 hours, trading at an eight-month high of $522.40 at press.
When technical indicators flash bullish signals, Bitcoin Cash prices appear poised to extend profits in the short term.
Bitcoin Cashbull will be in charge
Measurements from BCH’s Bbtrend point to upward bullish momentum, where the indicator is currently sitting at 9.4 at press. This suggests the possibility of a continuous price increase in the short term.
On the daily chart, the green histogram bars that make up BBTrend have steadily increased in size over the past few days, a clear indication of increased purchase pressure and BCH investors’ demand.
BBTREND measures the intensity and orientation of the trend based on the expansion and contraction of the Bollinger band. Printing green histogram bars with indicators growing in successive sessions suggests a reinforced bullish trend.
For BCH, this setup means that buyers gain control and volatility is expanding in the direction of the upward trend, and that price could continue to move higher.
Additionally, Coin’s Smart Money Index (SMI) supports this bullish outlook. At the time of writing, the indicator was 85.1, up over 220% since June 5th.
Asset SMI tracks the activity of experienced or institutional investors by analyzing market behavior during the first and last hours of a transaction. If it falls, it suggests a decrease in sales or trust in activities from these investors, and points to bearish feelings and expectations of price decline.
Conversely, as indicators rise, key investors increase their purchasing activity, indicating increased trust in their assets. Therefore, the steady rise in BCH’s SMI over the past few weeks reflects strong bullish pressure in favor of current rally.
BCH eyes rise high as pressure is mounted
BCH could rise further in the coming days. If accumulation continues, the coin can extend the meeting and climb to $556.40.
Meanwhile, if demand stalls and profit acquisitions begin, the coin’s price could plummet to $490.80.
This under support floor break could drop further towards an additional $444.70.
Post Bitcoin Cash Rockets are ready to earn more profits – up to 8 months high – July is it ready? It first appeared in Beincrypto.
