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- Bitcoin Cash crypto has witnessed a surge in its trading volume.
- The price volatility of the BCH crypto is medium, as per Coincodex.
Bitcoin Cash (BCH) is a cryptocurrency created in August 2017 from a Bitcoin hard fork. It features a larger block size (initially 8 MB, now 32 MB) for faster, cheaper transactions and uses canonical transaction ordering.
The BCH crypto’s volume/market cap ratio is 3.34%, which shows medium liquidity, followed by a market cap of $9.735 Billion. That makes Bitcoin Cash the 16th largest cryptocurrency in the global crypto market.
The total supply of the crypto is 19.715 Million BCH, similar to its circulating supply, while the maximum supply of the crypto is 21.0 Million BCH.
Also, the traded volume for the crypto has advanced by 24% in the last 24 hours from press time indicating increasing engagement of traders and investors.
Derivatives Show Bulls are Interested
Huge short liquidation in Bitcoin Cash is recorded in the last 24 hours from press time. It highlights the dominance of the bulls. The volume of derivatives has advanced by 33%.
The open interest in crypto further has witnessed a slight advance of 0.36% in the last 24 hours to $300.87 Million.
Moreover, the crypto’s short liquidation value is $373.08K against the long liquidation of $22.49K. This further is followed by a long/short ratio of 0.9436.
What Does BCH Crypto Technical Charts Say About Crypto?
The price of the BCH has advanced to specific highs; profit booking was further witnessed at higher levels.
After breaking above certain consolidations, the BCH crypto price advanced to a high of $719.43, and then it witnessed a strong profit booking. Profit booking pulled the price 40% from the top.
Past few trading sessions and today highlight uncertainty on the chart. This is because a doji candle was followed by a bullish engulfing.
BCH/USD Chart by TradingView
The 50-day and the 200-day EMAs are trading in a golden cross, and the crypto price has also advanced above the EMAs. This shows that the overall market structure is bullish.
The Bollinger band has expanded further, and the price has broken out above that of the higher band. This shows a bullish breakout and buyers’ dominance in the crypto.
The MACD shows uncertainty in the crypto price as the MACD and signal line have formed a death cross while trading in the bullish trajectory. The RSI has further sustained above the 50-level, followed by a bullish cycle in the trading crypto price.
Summary
Bitcoin Cash (BCH) has seen a 24% rise in trading volume but is displaying uncertainty. The price advanced to $719.43 before dropping 40% amid a profit booking session. Technical indicators such as MACD and RSI show mixed signals, with some bullish tendencies but overall uncertain market sentiment.
The price of the BCH crypto might take support at the levels of $163.0 and $304.0, followed by the long-term resistance levels of $682.0 and $804.0.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
