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In April, the Bitcoin Cash [BCH] market saw two significant price declines. As the digital commodity rose to a high of $1,219, a reversal set in, dragging the price down to the $857 support level. However, as the market began to rebound, it was struck by another bearish strike, which dropped it to a new support level of $754.
BCH was trading at $934 at the time of publication, after a short period of restructuring.
Bitcoin Cash [BCH]
BCH’s 4-hour chart tracked its path in April, noting that the market was once again close to the $1,005 resistance. Since the market indicated good bullish support, BCH could be able to re-visit the aforementioned resistance stage.
Following BCH’s recovery from the collapse to $754, market turnover improved. It did, however, decrease after restructuring began. When the price began to climb again, the Bollinger Bands began to diverge, highlighting the market’s increased uncertainty. This upward trend movement could help drive the market as close to $1,005 as possible.
The Relative strength index climbed to 64, near to the overbought zone, indicating an increase in purchasing pressure. At the time of publication, this value indicated that the purchasing pressure had risen relative to the selling pressure. BCH, on the other hand, had not yet entered the overbought zone.
Meanwhile, investor optimism was steadily increasing at the bull’s end, confirming the market’s rising trend.
Crucial levels to watch out for
Take Profit: $1,022.09
Risk to Reward: 1.49
If the current trend continues, the price of Bitcoin Cash [BCH] could reach the $1,005 resistance mark. However, due to its close association with Bitcoin and Ethereum, it will be a long-term operation, as the market continues to forecast momentum.