Bitcoin Cash price breaks out, goes after ₿0
- Bitcoin Cash price recently broke out, finally breaking a resistance that has been holding it back since July 2019.
- The next resistance sits at ₿0.044, and while it is unknown whether or not the coin can reach this price, many signs indicate that it could happen in the next few days.
- There are never any certainties, but all technical indicators point towards such a development within the next few days.
The crypto space started seeing a significant price recovery in the first two weeks of 2020, with Bitcoin itself growing $8.600. However, it was not the only one who saw improved price performance recently. When it comes to Bitcoin Cash (BCH), the coin also saw major development in the past several days, with its price recently breaking out above the resistance that held it down ever since July of last year.
Recently, the BCH price created a large, bullish engulfing candle by surging by around 28% within 24 hours. The new breakout may even allow it to reach ₿0.044, according to experts.
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According to one crypto trader from Twitter, @CryptoMichNL, BCH has recently reached his first target. Furthermore, the coin tested its major resistance for 4 times in the past six months, which indicates that they may be a breakout on the BTC pair.
Where is BCH going next?
In the past six months, the BCH price has been trading between ₿0.026 and ₿0.033. Now, according to the tweet, it might retest the same resistance area.
As mentioned, BCH recently hit ₿0.042 thanks to a price surge on January 14th. Not only that, but statistics show that the coin’s 100- and 200-day MAs are quite close to making a bullish cross, which indicates that the price has great potential to surge in the near future.
For now, Bitcoin Cash’s largest resistance sits at ₿0.044. at the time of writing, however, the price is at ₿0.036 after seeing a correction of 4.13% against USD and 3.72% against BTC.
The coin’s price movement has become parabolic over the last three weeks, which is mirrored by many other altcoins recently. If the correction ends quickly, and the price movement resumes soon, BCH should reach its largest resistance within the next few days, likely around January 20th.
In conclusion, this is a very interesting period for Bitcoin Cash, and its price might soon approach its largest resistance at ₿0.044.