Key takeaways
- Bitcoin Money is one of the best performer among the many high 20 cryptocurrencies by market cap.
- The coin might hit $600 quickly because the broader crypto market embarks on a restoration
BCH hits $550 as market reveals indicators of restoration
BCH, the native coin of the Bitcoin Money blockchain, is one of the best performer among the many high 20 cryptocurrencies by market cap within the final 24 hours. The coin rallied by 5% within the final 24 hours to cross the $550 mark and now trades at $567 per coin.
Its constructive efficiency comes because the broader crypto market barely recovered from Monday’s stoop. Bitcoin is buying and selling above $110k as soon as once more after dropping to the $107k area over the weekend.
Ether, the second-largest cryptocurrency by market cap, has additionally topped $4,400 after testing the $4,250 low on Monday. Bitcoin Money might now rally greater over the approaching hours because the bullish momentum slowly returns.
BCH targets the $608 excessive
The BCH/USD 4-hour chart is bullish and environment friendly because of Bitcoin Money’s efficiency in latest weeks. The upper timeframe sentiment stays bullish regardless of the latest market sell-off.
The RSI of 63 reveals that BCH might be heading into the overbought area if the bullish development continues. The MACD strains are additionally within the constructive territory, suggesting that the momentum indicators have a bullish bias.
If the restoration continues, BCH might surge in the direction of final week’s excessive of $608 over the following few hours. An prolonged bullish run would enable BCH to reclaim the August excessive of $633.
Nonetheless, the market circumstances stay uneven, and Bitcoin Money might bear a correction. If that occurs, BCH might retest the weekend low of $521 earlier than dropping in the direction of $490 for the primary time since July.
Regardless of that, BCH stays one of many strongest cash among the many high 20 in the mean time. It might rally greater within the close to time period if the market maintains the bullish momentum.
The submit BCH crosses $550, outperforms other major cryptos; Check forecast appeared first on CoinJournal.