Bitcoin Cash blitzes back to March highs- Can the bulls hold on?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.The surge occurred on enormous volume as well, pointing toward demand.began posting strong gains on the price chart. It rose past the high of 17 June at $109.5. Already in a lower timeframe bullish structure, the 30.3% move higher in the next 12 hours was enormous and unexpected.

BCH formed a lower high at $104.1 but followed it up with a move to $106.8. This meant the drop to $100.5 was a higher low, and the H4 structure was bullish. Yet the daily structure was bearish, with the recent lower high at $117.3. The $140 level was also a key resistance from mid-March. The recent surge broke this level as well. Fibonacci retracement levels plotted based on this move showed the 50% retracement level at $123.3, although a complete retracement of the rally cannot be discounted either. However, these are the levels aggressive bulls can look for a positive reaction from prices before buying BCH.The Open Interest rose by close to $50 million as Bitcoin Cash rocketed higher to $140.

Source: News Formal (newsformal.com)

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