The cryptocurrency market sails in agitated waters in the middle of the geopolitical tensions that are increasing, with Bitcoin Cash (BCH) showing resilience despite wider market pressure.
BCH has recently demonstrated solid technical performance, forming V -shaped recovery after having tested critical support at $ 391.656, with a substantial purchase volume establishing a level of high volume support.
This occurs while the global cryptocurrency market is faced with the opposite winds of American-Chinese commercial disputes, which continue to introduce uncertainty in the financial markets around the world.
Meanwhile, traditional financial indicators such as increasing the American treasury give systemic stress that historically create mixed environments for risk assets such as cryptocurrencies.
Strengths of technical analysis
- BCH tested the critical support at $ 391.656, triggering a substantial purchase volume, in particular during the period of 01: 00-04: 00.
- A powerful escape occurred for 1:00 p.m., BCH reaching $ 416.958 on the highest hourly volume (28,068 units).
- Price has established a new level of resistance support at $ 409,800, with Momentum indicators suggesting labor potential.
- A bull flag model formed after the movement of the initial impulse, with a reduction in volume during consolidation suggesting a potential continuation.
- The zone of $ 413,000 to $ 413,500 represents a level of key support that the bulls must defend to maintain the momentum upwards.
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