The Bitcoin Cash price line closely follows the one of Bitcoin as of today right when the entire crypto market turned bullish. The cryptocurrency increased by more than 11 percent on the daily charts and crossed the $268 mark as we are reading in the Bitcoin Cash price analysis news below.
Some of the analysts believe that the cryptocurrency will soon break the resistance at the $267 level. The BCH/USD pair lays below the $242 level when the day was opened for trading and it saw a continuous uptrend movement over the course of the day. The cryptocurrency crossed the $257 level by 16:30 GMT while yesterday it ended the trading session at a value of $257. The BCH/USD pair saw another uptrend and the Bitcoin Cash price line moved across the $268 price point. Bitcoin Cash trades at $267 at the time of writing.
According to the analysts, the cryptocurrency recently made it across the resistance that lies at $246 price point and they suggest that the cryptocurrency will soon break the $267 level. This idea came into play on the 29th of April and the crypto increased by more than $28 USD which allowed it to reach a resistance place right at the $237 price point. This validates the idea presented by the analysts that mentioned the current standing of the pair as its upcoming price target was only a few hours away before the time of writing.
As previously reported in our Bitcoin Cash news, The Relative Strength Index (RSI) also remained above the 40 levels for more of the day, and the Bitcoin Cash price hit new highs. This indicates that the cryptocurrency was neither overbought nor oversold. Additionally, we can see that BCH has performed staggeringly well this morning with a 12.5% hike to the upside as the confidence started to return to cryptocurrencies. The coin surged following yesterday’s daily candle close, as it now takes aim at the $238 and $282 levels of resistance.
A new system called the EARN IT Act threatens to kill end-to-end encryption and says that it is fully Bitcoin Cash powered. According to one developer working on the project, BCH is forming the ground base for all of the achievements.
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