Wednesday’s relief meeting at most cryptocurrencies underlined that investor confidence was creeping back. Crypto tokens, such as Bitcoin Cash (BCH/USD), had lost important key levels after the collapse of the FTX exchange. However, the latest bullish rally has helped the Bitcoin fork token claim an important $110 level. The cryptocurrency traded at a high of $119 before cooling off slightly. At the time of writing, BCH was trading at USD 115, above the main support level.
Wednesday’s gains are believed to have been fueled by investor expectations of the Federal Reserve’s policy change. Data from MacroMicro shows interest rates may be rising more slowly than previously expected. The positive expectations have slightly lifted both the crypto and stock markets, which have shown a positive correlation. Consequently, investors could have slowed down their shorts, although this says nothing about the buy side.
Nevertheless, the latest gains should inspire optimism that investors are still betting on digital assets. BCH’s recovery above $110 should therefore raise hopes that further gains are likely. But technical clues tell us we can’t confirm this yet.
BCH Price Analysis and Outlook as Momentum Turns Bullish
BCH chart by TradingView
Looking at the MACD indicator, a bullish crossover has occurred, although we are still below the neutral zone. Momentum has improved slightly.
The RSI indicator has been recovering for some time and remains above the midpoint. There are no overbought conditions, indicating potential further upside.
Should You Buy BCH Now?
Buy BC now it may be too early. We need to confirm a breakout by observing the close of the daily candlestick. A small correction is already underway. A close of the daily candlestick below $110 would invalidate a bullish view.
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