The digital asset space remains one of the most unpredictable asset industries as drastic losses could mean attractive gains the next. Currently, charts reveal that Bitcoin Cash is looking very bullish and could uptrend to more attractive highs. After months of struggling to record notable gains, the space anticipates the crypto’s next upward movement.
The asset has been signaling that potentials for more significant surges as the cryptos has been having more prominent lows around the vital $500 point. The whole industry has shown impressive performances over the past days, which experts linked to new happenings in the space. First, Visa’s CEO’s proposal in facilitating crypto-fiat transactions meaning that Visa holders who have crypto holdings can make transactions anywhere the card is accepted without worrying about conversion.
Bitcoin Cash trades above $500
The asset is currently trading around $545, showing an evident growth from the $500, which it had struggled to move up from. The crypto has some key resistance from around $650, $750, and $850. On the other side, the support level is around $400, $350, and $300.
The charts reveal that the asset has had numerous short higher-lows, which shows that the crypto might be moving towards the bullish sides of the line. This could also mean that buyers are taking some significant steps by increasing buying pressure, which is vital for price growth.
The 14-day Simple Moving Average is currently above the 50-day SMA. The former is moving towards the eastern side of the chart. While the crypto had tried to take the $600 point, it had failed at numerous points because of the continuous fall. The bulls are the only ones that can help the crypto resume a bullish trend after several days of reversals.
It’s safe to note that the crypto’s next vital resistance point is around the $600 mark. The only way that the crypto could record new gains if it aggressively pushes the price point to welcome new highs.
Crypto is looking very bullish
On the flip side, the market bears are also growing stronger to take the crypto down the charts. The market participator would likely wait until the currency hits the $700 mark before taking more steps to bring down the value. The bears would explore the asset’s vulnerability around the former ATH to achieve their next goal. If the current $500 doesn’t hold, the asset will trigger selling pressure to secure profits, which could drastically takedown value.
When comparing Bitcoin Cash and Bitcoin, it seems that the counter coin is gaining an edge over the benchmark coin as the former’s outweighs the latter. However, the counter coin’s strength comes from lows around the trend-line of the small SMA. Also, the lower channel is currently around the South.
The declines would take Bitcoin Cash into another realm of uptrends and likely break its present ATH record. The coin would regain its momentum if it manages to stay above the $500 mark, and if it falls below the key support, it could have more drastic falls.