"Today saw some impressive gains across much of the market, but in recent hours the Bitcoin Cash price has outperformed most other coins. This has seen it break through multiple Moving Averages and attempt to retest recent highs around the $130 level. Though so far unable to push above this key resistance, evidence points to the possibility that BCH hasn't fully run out of steam yet.
Highlights:
Recent upside sees the price of BCH up above the 1H and 4H 50 MA, as well as the 1H 100 MA.
Just got rejected off of key resistance at $130, but holding above 4H 50 MA with signs it may retest upward.
Looking at the 4 hour chart, we can see where the price pushed through the 50 MA and is now resting comfortably above the support created at about the $126.50 level.
Moving into the 1 hour chart, we see we have crossed multiple moving averages and been rejected off of $130, however not yet tumbled back to the resistance lines below.
Bull Scenario:
If the price of Bitcoin Cash can stay strong then there is a good chance it will retest up to $130. The RSI is still within reasonable limits on both the 1 and 4 hour charts and, in general, buy volume has been largely positive today.
Bear Scenario:
If strength fails here we still have multiple MA's giving us support from below. While it is not impossible these levels could fail, it gives us multiple "nets" to catch on. However if we do break them then the next level of real support comes in around recent lows of about $121 or so.
Overall BCH is performing quite well, despite no major news. This brings some optimism that this strength could continue, even in the absence of a huge upside in the market. Ultimately, the next day or two will determine a lot. Stick with Chepicap for all updates on Bitcoin Cash price movements!"