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The Bitcoin Cash price soared 3% in the last 24 hours to trade at $497.73 as of 7:00 a.m. EST as traders go long on the altcoin.
With the recent gain, the BCH price extended its positive weekly performance to more than 7%.
Bitcoin Cash Price Could Finally Break Out Of A Sideways Channel
Daily chart for BCH/USD (Source: GeckoTerminal)
The Bitcoin Cash price is approaching the upper boundary of a short-term consolidation channel between $436.70 and $504.84, according to data from GeckoTerminal. Should the crypto overcome this technical obstacle, it could clear the room needed to rise to the next major resistance level at $567.60.
However, a rejection from the $504.84 level could lead to a continuation of the altcoin’s recent oscillation in the sideways channel. As such, a retest of the $436.70 support might occur. If there is an uptick in sell pressure at this point, the Bitcoin Cash price could then end up losing the support and falling to as low as $372.14.
Buyers Still Have The Strength Needed To Drive The Bitcoin Cash Price Higher
Bulls seem to have the upper hand from a technical perspective, with indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) pointing to a continuation of BCH’s upward move.
That’s after the MACD line rebounded above the MACD Signal line in the last couple of days. Since then, the prior has been rising above the latter. This is a classic indication of growing bullish momentum.
Buyers have grown stronger against sellers in the last couple of days as well, as evident by the increase in RSI readings during this period.
The current upward slope of the RSI line and the latest value in the mid 60s suggest bulls will continue to accumulate strength against bears in the short term and that there is still room for the Bitcoin Cash price to climb before it enters overbought territory.
As the Bitcoin Cash price tries to escape a sideways channel, smart money investors are piling into the presale for BTC Bull Token (BTCBULL) before it ends in less than 4 days.
Popular YouTube channel 99Bitcoins recently told its over 723K subscribers that BTCBULL has the potential to soar 10X after its launch.
A Meme Coin That Gives Investors Free Bitcoin
BTC Bull Token is unlike any meme coins that’s come before. With branding inspired by Bitcoin, the project aims to cheer the leading crypto on all the way to $1 million per coin and beyond.
To celebrate Bitcoin’s price soaring to new all-time highs, the project has set certain milestones that will reward its backers with either a BTC airdrop or BTCBULL token burn.
Both the Bitcoin airdrops and BTCBULL token burns will happen at each new $50K milestone BTC achieves. The only difference is that the airdrops will start when Bitcoin breaks $150K for the first time, while the token burns will kick off when BTC reaches $125K.
That combination of BTC airdrops and BTCBULL token burns will put upward pressure on the BTCBULL price. T
Last Chance To Buy BTCBULL At Presale Prices
BTC Bull Token has raised more than $7.4 million in its presale, signaling strong investor confidence in the project’s future. Now, with just days left until the ICO ends, time is running out for investors to get in at this ground level of the project.
Investors that want to purchase while the presale is still active can do so by acquiring BTCBULL through the simple buy widget embedded on the project’s website. Selling for only $0.00258, BTCBULL can be bought with both crypto or bank card.
Once purchased, investors also have the opportunity to lock up their tokens in BTCBULL’s presale pool that offers an attractive 55% APY.
Interested investors will want to buy before the presale ends in less than 4 days.
Check out BTCBULL on its official website.
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