Heavy accumulation zone was seen along the $361.10 mark and the Bitcoin Cash price did not return downwards to retest, thus a highly bullish momentum was expected, and the $435.00 mark was expected to be the first Sell Target. Currently, the cryptocurrency has risen above the $430.00 mark from its previous resting price near $380 US Dollars.
1-Day Bitcoin Cash Price Analysis (February 04)
Over the course of February 04, the cryptocurrency drew relatively less volatile price movements, where it traded near the $380 US Dollar range. There was heavy accumulation near the support that lies at $361.1, and the cryptocurrency did not appear to fall to retest, which accounted to a highly bullish momentum for the cryptocurrency. The accumulation was targeting towards $435 for its first Sell Target zone, with an 18% gain.
According to the chart above, the cryptocurrency saw the bullish trend near 10:00 GMT and the price shot up across the $420.00 mark by 10:39 GMT, followed by another rise across the $430.00 mark by 14:10 GMT. The cryptocurrency currently trades at $431.2700 US Dollars.
Technical Indicators for Bitcoin Cash
The 20-Day Exponential Moving Average (EMA) currently lies at $432.389816, whereas the 50-Day Moving Average (MA) is at $433.508600. The Relative Strength Index (RSI) was seen at 45.52.
Featured Image by Clark Van Der Beken.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.