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The Bitcoin Cash price pumped 4% in the last 24 hours to trade at $485.24 as of 6:19 a.m. EST.
The recent surge by the BCH price saw the crypto reach a two-month high above $499. It has since retraced to trade at its current level, but maintains the number one spot on CoinMarketCap’s trending list.
Bitcoin Cash Price Trades In A Positive Channel
4-hour chart for BCH/USD (Source: GeckoTerminal)
The Bitcoin Cash price has traded within an ascending price channel over the past several days after printing a series of higher highs and higher lows during this period, according to data from GeckoTerminal. Should the crypto continue to trade in this positive range, BCH might try to flip the resistance level at $503.10 into support.
However, a sudden change in the broader crypto market trend or a rejection from the $503.10 mark could lead to a more bearish scenario playing out. Traders could start to offload their holdings in the crypto to book their profits. This potential sell pressure might result in a drop to the nearest support level at $469.72. Continued sell pressure could puch BCH down to $435.46.
Technicals Warn A Bitcoin Cash Price Drop Might Soon Happen
From a technical point of view, indicators on the 4-hour chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are starting to flash bearish.
That’s as the MACD line starts to collapse towards the MACD Signal line, a classic signal of weakening bullish momentum. If this trend continues, the MACD line could end up crossing below the Signal line. Traders might identify this specific technical event as a sign that the crypto has entered a negative trend, and subsequently start to open short positions.
Buyers also seem to be exiting the crypto’s order books, as suggested by the drop in RSI readings over the past few hours. What’s more, the negative slope of the RSI warns more bulls might shift their focus away from the Bitcoin Cash price in the next few hours. If this trend continues, the RSI could drop below 50 to indicate a shift in power that favors sellers.
While technicals warn of an impending pullback for the Bitcoin Cash price, investors are piling into the presale for BTC Bull Token (BTCBULL) before it ends in just over a week.
Multiple experts have said they are bullish on the meme coin. Among them is popular YouTube channel 99Bitcoins, who told its over 723K subscribers that the token could soar 10X after it launches.
A Meme Coin That Rewards Investors With Free Bitcoin
BTC Bull Token is built on the belief that the crypto market leader will soar to $1 million per coin and beyond. As such, the project has set specific Bitcoin price milestones that will either trigger a BTC airdrop or a BTCBULL token burn.
The airdrops, which will see the project’s backers receive free Bitcoin, will kick off when BTC breaks $150K for the first time. Every new $50K milestone Bitcoin achieves after that point will then trigger another airdrop.
Investors will therefore be able to profit from BTC’s gains without having to buy the crypto directly and take on additional risk.
The BTCBULL token burns will follow the same $50K-milestone-based schedule, but will start when Bitcoin breaks $125K for the first time. By reducing the supply, the demand from investors looking to get in on the airdrops could lead to amplified upside pressure on the meme coin’s price. This aligns with the 10X rally predicted by 99Bitcoins.
Investors Have Just Days Left To Buy BTCBULL At Presale Prices
There has already been strong demand for BTCBULL, even while the token is still in its presale stage. So far, the project has raised more than $7.2 million in early-stage funding, as investors bet big on the project’s future.
With just over a week left until the presale ends, the window of opportunity is rapidly closing for investors who want to get in at this ground level.
Anyone that wants to participate in the presale can purchase BTCBULL via the simple widget embedded on the project’s website. Selling for $0.002575, BTCBULL can be bought with either crypto or bank card. Tokens can also be staked for an impressive 56% APY.
Interested investors will want to buy before the presale ends in less than 10 days.
Visit the official BTC Bull Token website.
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