The past week has proven to be highly bullish for the controversial Bitcoin hard fork Bitcoin Cash (BCH). This cryptocurrency was able to post a meteoric surge just a few days ago in tandem with the upswing incurred by the altcoin markets, and it appears to be on the cusp of forming another massive leg up.
Analysts are now noting that BCH’s recent uptrend could soon turn parabolic as its technical and fundamental confluence continues to grow increasingly bullish.
Bitcoin Cash Once Again Shows Signs of Bullishness as it Begins Inching Higher
At the time of writing, Bitcoin Cash is trading up nominally at its current price of $267, which marks a notable climb from its daily lows of $262 and only a slight decline from its daily highs of $269.
Earlier this past week, BCH was able to post a massive surge that allowed it to climb from lows of $230 to highs of just over $270. This massive rally came about concurrently with upswings seen by most major altcoins, with the two most prominent Bitcoin hard forks – Bitcoin Cash and Bitcoin SV – both leading the markets.
BCH’s ability to maintain stability around its recent rally’s peak points to underlying strength amongst the crypto’s buyers and may suggest that it will soon see significantly further upside.
Technical analysis seems to further support this notion, as Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that the crypto is currently caught within a bull flag consolidation pattern, signaling that it could be on the verge of another breakout.
“$BCH #BitcoinCash – Daily chart – Bull flag consolidation while testing MA 200,” he explained while pointing to the charts seen below.
$BCH #BitcoinCash – Daily chart – Bull flag consolidation while testing MA 200 pic.twitter.com/Aky8SHLFMX
— Cheds (Trading Quotes) (@BigCheds) January 13, 2020
These Other Factors May Suggest BCH’s Rally Will Extend Significantly Further
Bagsy, another popular crypto analyst on Twitter, explained in a recent tweet that he is bullish on Bitcoin Cash due to a plethora of different fundamental and technical reasons, pointing to BCH’s upcoming mining rewards halving – among other factors – as one reason why he’s bullish on it.
“$BCH: To expand my bullish thought process: 1) Halving coming up (May 24th) 2) 4th tap of horizontal resistance 3) Massive bullish divergences on HTF 4) Volume growing. I’m prepared for a pullback into 0.031 with additional bids,” he explained.
To expand my bullish thought process:
1) Halving coming up (May 24th)
2) 4th tap of horizontal resistance
3) Massive bullish divergences on HTF
4) Volume growingI'm prepared for a pullback into 0.031 with additional bids. pic.twitter.com/0v4iDzYvsI
— Bagsy (@Bagsy) January 12, 2020
The convergence of all the aforementioned factors does paint a highly bullish picture for Bitcoin Cash and they all seem to point to the possibility that its recent rally is currently in its early phases.
Featured image from Shutterstock.
