Bitcoin Cash (BCH) has seen a 5.02% price surge over the past hour to $245.32, based on the data provided. BCH currently has a market cap of $4.53 billion and 24 hour trading volume of $202.29 million.
BCH's strong 5%+ gain shows bullish momentum is accelerating after mixed action this week. While BCH is down a slight 0.61% over the past 24 hours, it remains up 4.98% over the past 7 days. Zooming out further shows very strong gains, with BCH up 21.26% in the past month and a whopping 86.09% in the past 6 months.
Today's surge looks to be breaking BCH out of its recent trading range between $230-$240. Heavy trading volume indicates renewed interest from buyers. BCH may now challenge overhead resistance around $260.
Is Bitcoin Cash Positioning for a Continued Rally?
Bitcoin Cash is flashing bullish signals after breaking out of its recent consolidation pattern. The 5%+ surge shows buying momentum is accelerating to the upside.
BCH now needs to establish support above $240 on any pullbacks. This would confirm the breakout is legitimate.
If BCH can hold $240 support, it paves the way for a continued rally targeting the next resistance level around $260. Both the short and long-term trends look bullish.
Traders should watch for volume to expand on future breakout attempts. This would signal additional upside momentum.
Should You Buy Bitcoin Cash After the Breakout?
Bitcoin Cash's technical picture looks increasingly bullish after breaking its recent consolidation range. However, FOMO buying the breakout comes with risks if support levels fail.
For short-term traders, a prudent strategy may be waiting for pullbacks to $240-$235 to time entries. This allows some confirmation that the new range will hold. Stops under $230 could limit downside.
Long-term investors could dollar cost average to build exposure over time. This strategy helps avoid overextending on anticipatory breakouts. With BCH in a long-term uptrend, this approach can pay off handsomely.
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