Bitcoin Cash reclaims $110 support. A reason to be optimistic about further gains?
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Wednesday’s relief pleasure the most cryptocurrencies stressed that investor confidence was turning back. Crypto fields like Bitcoin Cash (BCH/USD) had lost important important levels after the collapse of the FTX exchange. However, the latest rally has helped the Bitcoin fork token reach an important level at $110. The cryptocurrency peaked at $119 before cooling off a bit. At press time, BCH was trading at $115, above a key support level.
Wednesday’s rise is believed to fuel investor expectations for a change in Federal Reserve policy. MacroMicro data shows that interest rates may rise more slowly than previously anticipated. Positive expectations have slightly raised both crypto and stock markets, which have shown a positive correlation. Thus, investors could have slowed their shorts, although this does not tell from the buy side.
Nevertheless, the latest gains should bring optimism that investors will continue to bet on digital assets. BCH’s recovery above $110 should therefore raise hopes for the likelihood of further gains. But technical indications tell us that we cannot confirm this yet.
BCH’s price analysis and outlook are rising with momentum
TradingView BCH chart
Looking at the MACD indicator, there has been a bullish split, although we are still below the neutral zone. The pace has improved a bit.
The RSI indicator has been recovering for some time and remains above the midpoint. There are no overbought conditions, which points to a possible further rise.
Should you buy BCH now?
Buying BCH now may be too early. We need to confirm the breakout by observing the close of the daily candlestick. A small repair is already underway. A daily candlestick closing below $110 would invalidate the bullish view.
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