Bitcoin Cash Price Analysis: BCH/USD Will Fly if it Can Break $150-$200
- Bitcoin Cash has gained as much as 95% over the past five days.
- A breakdown by the bulls of $150-$200 range is vital for another wave of buying pressure.
Bitcoin Cash isn’t showing any signs of slowdown, like some of its peers. BCH/USD is running at its fifth consecutive session in the green. The bulls have gained a whopping 95% over this consistent near-term run. This is the longest run of gains seen since the back-end of October, where Bitcoin Cash went six consecutive sessions of green closes.
BCH was one of the hardest hit during the most recent fall from November, dropping well into over-sold territory. It isn’t too much of a surprise to see such as recovery following the aggressive move south. BCH/USD has dropped a big 88% from $650 at the start of November, down to the low in December at $74.
How Further Can This Bull Run Go?
The BCH/USD bulls must break down a near-term vital barrier in order to invite another wave of buying pressure. This is observed at $150, where the price crashed through on the 4th December, which saw sellers pilling in. The price in the session Wednesday headed well towards this, but ran exhausted. This not being surprising given the observed gains of around 40%.
Given current upside momentum from the bulls, a retest and break of $150 could be seen in the session Thursday. There appears to be much determination to erase the six-week run of losses encountered. This consecutive weekly drop detailed has been the longest fall ever experienced for Bitcoin Cash.
Should the bulls manage to maintain the current course of momentum, a breakout of $150 could send the price flying again. The next area of interest will be the psychological $200 mark. BCH/USD last traded here on the 26th November, where the market consolidated briefly, before resuming another wave of selling.
A breakdown of this $200 area could be very rewarding, again in a very short space of time potentially. There isn’t too much in the way of further barriers for BCH/USD, until the heights of $410. This is pre-November fall territory. $410 was the bottom of a narrowing range, which was observed from August, right up to the breach early November, it is a vital level.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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